Details:
Asset: Reliance Industries Ltd (RELIANCE)
Breakdown Level: 1535
Potential Targets: 1470, lower levels if selling pressure continues
Stop Loss: 1570
Timeframe: Short-term
Rationale:
Reliance has broken below the key channel support at 1535, indicating a shift toward bearish momentum. If the price continues to sustain below this level, further downside toward 1470 or even lower levels is likely.
Market Analysis:
Technical Setup: Clean channel breakdown with strong bearish candles forming.
Momentum: Weakness observed across multiple timeframes, confirming selling pressure.
Risk Management:
Stop loss at 1570 to avoid getting trapped in any pullback.
Risk-Reward Ratio:
Favorable for short positions with clear breakdown and defined targets.
Monitor for continued weakness and volume confirmation to validate the bearish move.
Asset: Reliance Industries Ltd (RELIANCE)
Breakdown Level: 1535
Potential Targets: 1470, lower levels if selling pressure continues
Stop Loss: 1570
Timeframe: Short-term
Rationale:
Reliance has broken below the key channel support at 1535, indicating a shift toward bearish momentum. If the price continues to sustain below this level, further downside toward 1470 or even lower levels is likely.
Market Analysis:
Technical Setup: Clean channel breakdown with strong bearish candles forming.
Momentum: Weakness observed across multiple timeframes, confirming selling pressure.
Risk Management:
Stop loss at 1570 to avoid getting trapped in any pullback.
Risk-Reward Ratio:
Favorable for short positions with clear breakdown and defined targets.
Monitor for continued weakness and volume confirmation to validate the bearish move.
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.