Multiple setup conclusion


-> RSI Divergence (Red line): 11 MAY to 8 June 2020

-> Price & volume : Price is increasing & volume is decreasing : Bearish

-> Fiboonaci extension used to find short term upside movement which can be a point of reversal.


RIL has tested 1600 level for the third time, hence there can be a + Breakout. ( Extension levels, marked with black lines)

Being a heavyweight of NIFTY 50 we can see some rally in RIL. ( Nifty 50 is looking bullish in the near term, refer to my previous chart)


Wait for RIL to give BO from the price channel to initiate a short position.
Comment: I think 1750 is testable if Nifty 50 stays +ive. But crossing 1750 should be very difficult
Comment: Exactly closing at 1759.
Comment: Crucial levels

R1: 1845
R2: 1968


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