NSE: Reliance (S-H-S) Long @ Current & Possible Short @ 1272
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
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
1st target achieved 1256, Fibo 61.8 level. Seems to be resistance as well.
Total gain so far 35 points
Comment:
Shy of 1400