Short Reliance for first target of 1650

Jun 30, 2020

• Reliance broke below support at 1710-1713 with an increase in volume
  
  
• So what comes next, another attempt of testing to cross above 1800 or correction towards 1600 ?
  
  
• I would be betting for correction with entry around 1710(if I get an opportunity to) with stop above 1740(today's high) and first target of 1650
  
  
• This gives Reward/Risk of 2:1 which isn't exceptional but comes with a very high probability
  
  

Jul 2, 2020

Trade closed: stop reached

false break.. get ready for continuation of the rally