Trading_hawk

Simple Trade Setup | RELIANCE | 25-08-2021

NSE:RELIANCE   RELIANCE INDS
NSE:RELIANCE

Observations:
1) On 1 hour time frame earlier it had made inverse head and shoulder pattern which we already covered in earlier post.
Now it has made rounding bottom pattern on 1hour time frame with neck/breakout line at level 2190.

Please refer Chart below: 1 hour time frame.


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Trade Setup for Date 25-08-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level tommorrow.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Comments

2230 is now quick support.
Reply
These are new levels for up side.

It will be bullish until and unless RSI trendline gets broken on 5min chart. After it breaks the RSI Trendline then it will go till 2020-2015. It will be buy on dip for longterm holding
Reply
I'm having @2139.15₹ Should i book profit now or wait more???? CAN it reach 2300+ within 2 months till Diwali?????
Reply
@jai57443,
Yes Wait and hold. 2300 can be reached.
Reply
jai57443 Trading_hawk
@Trading_hawk, thanks🙏
Reply
@jai57443,
your welcome
Reply
jai57443 Trading_hawk
@Trading_hawk, 1 more thing i want to ask having bandhan bank share @336 now it's trading at 260-270 range what to do now.....I dont want to exit in loss .should i average or hold is this good for long term to reach 340+ within 2-3 months???
Reply
Hi @jai57443,

As per My analysis there will be reversal for sure. Now it is at critical zone, please refer below chart. Last support level is 251 level.

From here it has to reverse breakdown of 251 level it will be bearish again.

But as per option chain data, I can see it will reach up to 300 level in Sept month.



Better not to average.

Better to buy other stock which will give you profit and cover your loss in BANDHANBANK. Auto stocks looks good at this levels for buy and hold for short term. for example TATAMOTORS, Eicher motors, M&M etc...

But since you can hold for 2-3 months then I don't think that it should be any problem for you. It can be easily get in to profitable holding in this much of time duration.
Reply
jai57443 Trading_hawk
@Trading_hawk, thank u so much sir.....🙏🙏🙏. I have just purchased this for swing trade ....Already booked profit in swing trade in Yes bank , ITC, BHARTI AIRTEL,IDEA
next number is of bandhan bank😅
+1 Reply
@jai57443,

your welcome.

All the best.
Reply