SCENERIO - Reliance is trading on a very crucial levels. We have Fibonacci 50% level that gives a good reversal sign. We have 200 ma, where price is sitting right now. We have a good support trend line that has been tested multiple times and seems like this trendline breakdown is a good breakdown because there’s an increase in volume too. 1) 200 MA 2) FIBONACCI 50% 3) Good volume breakdown of support trendline
Look for short opportunity when trendline is broken and for buyers stay alert we have Fibonacci 61.8% level in upward direction to defend. Trade safe.