BlackJackCo

NSE: Reliance (S-H-S) Long @ Current & Possible Short @ 1272

Long
BlackJackCo Updated   
NSE:RELIANCE   RELIANCE INDS
Interesting chart pattern formation on daily and hourly chart .
It might be a possible formation of S-H-S ( Head and Shoulder pattern)
If it happens reliance may fall back to 1177

Strategy-1
Long at current level with stop loss at recent low of 1216
With target @ 1256, 1268/72 and extended 1281
1272 to 1280 might be possible resistance and could reverse if S-H-S happens to be true
If price broke above 1272 on daily closing basis possible momentum continuation to 1300+ levels

Strategy-2
All levels on daily closing basis
S-H-S formation and reversal at level 1272/81
Initiate a short @ 1272 to 1281 zone with stop loss slightly above 1313
Target will be 1256, 1238, 1187, 1177
For this reliance has to reverse from 1272 resistance.

Use stop loss




Comment: Price Action between 1238 & 1215
Trade closed: target reached: For Strategy 1:
1st target achieved 1256, Fibo 61.8 level. Seems to be resistance as well.
Total gain so far 35 points
Comment: Shy of 1400

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