NeeteshJain

RCOM Breaking Downside from Consolidation

Short
BSE:RCOM   RELIANCE COMMUNICATIONS LTD
It is been observed that the price action is ranging in a consolidation and moving sideways on hourly chart. Now, it is breaking out from the consolidation and now it shall move further down to the retracement level of 61.8% at 44.25.

Target: 44.25
Stoploss: 47.50
Risk Reward: 1:4
Trade closed: stop reached: Price levels closed above the stops as Stop reached. Now on a bigger picture it is observed that there is a strong resistance level at 48.15 levels which need to be broken in order to move prices further up. If price level could breach out then it is still possible to achieve the said target of 44.25. Regards
Comment: A Game Changer Candlestick found on Daily Chart,
Will it able to turn around the game again?
Trade closed: target reached: Today, we achieved the targets, it was a bumpy ride but the price action did come back to fib levels.