Technical Analysis on Request: Reliance, Why trader are bullish on Reliance?

From last few days Reliance is a buzz in the mouth of every investor. In my last article I had only given my views on Reliance. Today, I will let everyone know why traders are bullish on Reliance?.
Click here to read my last article 

 As per the current scenario the stock has given a bearish breakout and the stock has started correcting as you can see in the chart below

 "Inside Funda"

From last April 1st 2014 both Relaince and 13 Urea companies have failed to settle the price of natural gas supply rate and the issue had knocked the door of our oil minister Veerappa Moily. And the issue of keeping gas price below half of the global price is the main funda behind. So, Moily Had given a press relies saying

"When the proposal came to me, I rightly ordered that after the model code of conduct is lifted, (the) price may be announced for the quarter July-September and also for the quarter April-June, as per the approved guidelines by the cabinet,"- by Mr Moily 

What is the problem?

RIL and urea companies failed to settle the key terms of gas supply from 1 April on expiry of the five-year contracts that priced gas from the eastern offshore KG-D6 fields at $4.205 per million British thermal unit (mBtu). While RIL agreed to continue supplies in the interim period, the dispute pertained to the rate at which consumers should provide payment guarantees—the expired price or $8.34, which would have been applicable from 1 April had the Election Commission not postponed implementation of the Rangarajan Committee formula till completion of the general election.

"Moily's Game Play"

Reliance and Mr.Moily is are under a pressure of Election and Moily had informed that he will implement the price with a special formula

But, India's main opposition "Bharatiya Janata Party (BJP), widely expected to win the most seats in the election and oust Moily's Congress party-led government, has said it would review the gas pricing formula if elected. " (as per a National Newspaper)

Conclusion: More than Technicals, I trust to keep a keen eye on News and information because that will drive this stock.

Source: livemint.com, Economic Times, NDTV