In the last piece of analysis- it was suggested that reliance is running into wave-ii (which has broken into 3 pieces-"abc" where "wave-c" likely travels equal distance as "wave-a" -can get resistance close to 1100 & above 1100.
So, previous update- "Excitement to start above or close to 1100"
Click within the charts or nested charts & use amazing feature of TradingView -"load future bars-shown as an arrow on charts"
Once we get a close or initial bounce above falling from 1024 lows - one can look for trading that bounce with recent low as stop & target zone of 1045-1055 zone-later resistance could be seen in that zone so we come back again.
I always say confirm before trade -please do not jump just thinking that it will unfold as I said-there you come into the grip of ego- let market show you the way.
Reliance 2016 Diary- How we moved in 2016 & Where are we standing at present
Wish you all a happy Sunday!
Crossed the trendline but all will be choppy upside -larger trend is downside going below 1010 & 996 later will confirm that it will see some downside pressure.
Target of 1054 done & out.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ