Here is the analysis of reliance. Please Wait for the review
Comment:
CASE 1 - It is highly not probable that reliance will break red line. So if reliance doesn't break the red line, will retrace back to yellow line and finally fill Gap 3
Comment:
If breaks a gapup MOST LIKELY will touch the circle bar and touch the green line and stay there and try to move towards next red line of 1449 which is again highly impossible to break so will have rejection in price and fall and retrace back to red line.
Comment:
if it Breaks the red line on top 1449 which is again impossible so lets move to case 2
Comment:
The Delivery Percentage of Reliance shows 23.5 with So-So Volume and High Price which for me is not good.
So most likely INTRADAY Targets are buy above 1385 for targets 1395 and 1400 and if 15min candle stay above 1400 then another 1415 targets (Likely not happening)
Sell Below 1376 for targets 1352 and 1345.
POSITIONAL - Sell Below 1361 for targets 1300, 1297 and 1264, and if respects these 3 then target 2 and 3 likely to achieve.
So most likely INTRADAY Targets are buy above 1385 for targets 1395 and 1400 and if 15min candle stay above 1400 then another 1415 targets (Likely not happening)
Sell Below 1376 for targets 1352 and 1345.
POSITIONAL - Sell Below 1361 for targets 1300, 1297 and 1264, and if respects these 3 then target 2 and 3 likely to achieve.
Comment:
CASE 2 - Now it opens gap up and gets rejected on 1400 levels will come to yellow line as support from red line.
Comment:
CASE 3 - Now if it opens gap down and breaks yellow line, will eat gap three and come down to thier targets
Comment:
WOW! its just following the yellow lines. Will short below 1360
Comment:
WOW, jst retested from THE RED LINE!
As we have seen Facebook had a deal of 9percent stake on reliance jio worth 40 thousand Crore which have eased Reliance to burden off their Jio Debts. Now as they have changed the game for us, I have tried to analyse reliance in the best possible way which are as follows. The chart is simple. Please dont get confused from the Arrows.
Reliance have given 3 Gaps from which Pink Arrow and Green Arrow shows Common gaps and Red arrow shows a Runaway gap-Gap formed from a running trend. Now as we know gaps are gaps and are always meant to be filled. Now it have closed above yellow line and was trying to cross the red FAT line but was unable to do. But why.As there was major price rejection, so here RED FAT line is a danger for Reliance. Now what are the possible cases could happen will discuss here.