Reversal at reliance industries
*The following are the list of things I would like to mention to support the trade plan:
*
Support and resistance accepts the trade plan.
*Relative strength shows an over sold position and intimating a buy position in the stock
*Volumes greater than 10 days average and leads to spinning top
Spinning top
Spinning top is a candlestick pattern with little body and same up & lower tails. Spinning tops generally conveys there will be a trend reversal in the scrip.
*Fib retracement also supports the trade plan at 875 (50% level) and 860 (61.8% level)
Trade Plan
1st Buy - 886
2nd Buy - 862
1st stoploss - 875
2nd stoploss - 860
Target 956
Thank you and have a good trading day
*
Support and resistance accepts the trade plan.
*Relative strength shows an over sold position and intimating a buy position in the stock
*Volumes greater than 10 days average and leads to spinning top
Spinning top
Spinning top is a candlestick pattern with little body and same up & lower tails. Spinning tops generally conveys there will be a trend reversal in the scrip.
*Fib retracement also supports the trade plan at 875 (50% level) and 860 (61.8% level)
Trade Plan
1st Buy - 886
2nd Buy - 862
1st stoploss - 875
2nd stoploss - 860
Target 956
Thank you and have a good trading day
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.