Reliance Industries analysis shown on Weekly Chart:-
- Reliance Industries is trading below RSI 30 on Daily Timeframe.
- Its below 200 EMA on Daily Timeframe.
- Its expected to bounce back either from RSI 40 or RSI 30 on weekly timeframe.
Four Major Support levels for Reliance on weekly chart are as follows:-
- Support 1 @ 2100 (Qty 25%)- Its a Trendline Support (White Trendline) & Horizontal support.
- Support 2 @ 2000 (Qty 25%)- Its a 200 EMA Support (Red line) & Horizontal support.
- Support 3 @ 1850 (Qty 50%)- Its a Supertrend line Support (Green line) & Horizontal support.
- Support 4 @ 1670 to 1650 - Its a Major Horizontal support, Keep Stoploss at 1650.
Resistance marked with Red Horizontal lines may work as Targets:-
- Swing & Positional Target 1 @ 2400
- Swing & Positional Target 2 @ 2565
- Reliance Industries is a Nifty 50 stock with strong Fundamentals with long Term targets of 3500 & 4000.
This idea is for Educational purpose and paper trading only. please consult your financial advisor before investing or making any position.
Happy Trading :-)
- Reliance Industries is trading below RSI 30 on Daily Timeframe.
- Its below 200 EMA on Daily Timeframe.
- Its expected to bounce back either from RSI 40 or RSI 30 on weekly timeframe.
Four Major Support levels for Reliance on weekly chart are as follows:-
- Support 1 @ 2100 (Qty 25%)- Its a Trendline Support (White Trendline) & Horizontal support.
- Support 2 @ 2000 (Qty 25%)- Its a 200 EMA Support (Red line) & Horizontal support.
- Support 3 @ 1850 (Qty 50%)- Its a Supertrend line Support (Green line) & Horizontal support.
- Support 4 @ 1670 to 1650 - Its a Major Horizontal support, Keep Stoploss at 1650.
Resistance marked with Red Horizontal lines may work as Targets:-
- Swing & Positional Target 1 @ 2400
- Swing & Positional Target 2 @ 2565
- Reliance Industries is a Nifty 50 stock with strong Fundamentals with long Term targets of 3500 & 4000.
This idea is for Educational purpose and paper trading only. please consult your financial advisor before investing or making any position.
Happy Trading :-)
Comment:
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