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