Tail doesn't always mean that the price will reverse.If the second candle is long down from the tail it means that price will move down.
The less time price spends at a certain price level, the more effective that price level will be in providing support or resistance for future price...
As you can see in the chart that reliance is in strong downtrend from the 1400 level. Also, there is a gap between 1278 to 1303. It is taking support from 1303 -1307 and show a bounce back. Also, there is a 100 DMA @ 1302. 1335-1340 is a major resistance and there is a huge OI in 1340 call writing. So it is difficult to sustain above 1340.
So now 1340 is major...
Voltas has broken the trendline,also trying to go below 38.2 fib ratio,
therefore fresh short entry can be taken below 600.6.
Entry Below 600.6
First Target 595
Final Target 589
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ABOVE 160 RECLTD WILL ZOOM TO 170 AND AND 180 IS RESISTANCE WE CAN SEE CONSOLIDATION TARGETS BIG WITH STOP LOSS 140 AND PRIMARY TREND IS ALSO BULLISH SO HOLD IN CASH AND BUY IN DIPS FOR LONG TERM ONLY A MARKET CRASH CAN DESTROY THE CHART OTHERWISE THE STOCK IS GOOD TO GO.... MYSELF INVESTED INC ASH SINCE MANY YEARS HAS DIVIDEND PAYOUT IS GOOD..
This one i am looking as last correction before it makes its Major Turn-around
One can look for entering long on drop & Reversal based on weekly and sit with investment which will give Good returns