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Reliance Global Trades Higher: Technical Levels to Watch

March 3, 2021 2:47 pm
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Reliance Global Trades Higher: Technical Levels to Watch

Reliance Global Group Inc. (NASDAQ:RELI) shares were trading higher Wednesday after the company announced that it is expanding sales initiatives that target large enterprises and employee organizations. 

Here are some speculative short- and long-term technical levels to watch for in the stock. 

Reliance Global Technical Levels: The short-term, 5-minute chart below shows what short-term traders would call speculative support and resistance based upon the highs and lows from Wednesday’s premarket session.

On the bottom you have what technical traders may call speculative support lines. On the top you have what technical traders may call speculative resistance lines.

The price level at the support lines is $5.40, and the price at the resistance levels is $7.07. 

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Ideally, bullish technical traders would like to see a break through the speculative resistance and premarket highs, with consolidation above before a further move up is possible.

Bearish technical traders would ideally like to see a break through the support with consolidation below the support price level before a further move down.

reli5min3-3-21.png

The daily chart shown below shows more speculative support and resistance at long-term levels. The long-term speculative support comes at a price level of $4.

There are two speculative resistance lines: the first comes at a price level near $7, and the second is at a price level near $9.

As stated above with Reliance Global's short-term technicals, bullish long-term technical traders may like to see a break of the resistance with consolidation above the resistance before another move up, and bearish long-term technical traders may like to see support break with consolidation below.

Currently Reliance has a market cap of $20.5 million and a public float of 3.48 million shares.

relidaily3-3-21.png