Reliance levels for 20/05/2021

May 19, 2021

RELIANCE
if opens flat : short at 15min close below 1988 target 1974
reason:

tested above 2000 level adjacent 2 days but couldnt close above this

*daily Rsi at 57 which is a good resistance

*Rsi bearish divergence in 1hr chart at overbought region shows lack of buying momentum

*currently at trendline support. which is also the buying area of the last swing.

*good volume selling near the close

*opening is very important. If opens gap up ignore this trade completely. Look for long side above the marked level
This is purely my personal view on the script. Trade as per your Risk to Reward

May 20, 2021

Note

watch for a 5min close below our levels

May 20, 2021

Note

Hit my SL.
200ema which was just below my level gave support for a pullback. As i said the stock was looking weak technically that's why the rally was immediately sold into.
anyway, it closed below my level today.
Accept when you are wrong. That's why maintaining risk to reward and position sizing is always important.
I have to pay the price when I miss something.