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amCyberPunk

Reliance | Likely double bottom | Wait for confirmation

RELIANCE INDS (NSE:RELIANCE)  
amCyberPunk Updated   
NSE:RELIANCE   RELIANCE INDS
Trend Analysis Chart Patterns Technical Indicators Double Bottom RELIANCE reliancetradesetup bullishpattern
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trendanalysis chartpattern indicator doublebottom reliance reliancetradesetup bullishpattern
Past few candles are nearing the low support level. It is evident by increasing sell volumes 9-10m approx in last 3 days.

Also MACD fastline is nearing to cross the slowline from above.

Wait for confirmation. If the price rebounds from 2nd bottom, it is definite buy call

1st TP ~ 1950
2nd TP ~ 2019
Comment:
The Stochastic cross over is also nearing the oversold region and is at a strong support. The price may rebound. Next candle formation is likely to confirm it
Comment:
3EMA (5, 13, 26) has made a bearish crossover. With a normal doji formed today at the support weakened by sell volumes from past few days. OBV indicator is showing a change in sell volume i.e. lower sells than past 3 days. Doji is prominent of it's nature i.e. highly indecisive.

It will be interesting to see if the price rebounds from the strong support levels of ~ 1920
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