rajatangri

Bull Run | Reliance Industries Cup and Handle

Long
NSE:RELIANCE   RELIANCE INDS
After Few fake Breakouts, RIL is again on the levels of 2240, forming a Cup & Handle Pattern with High Volumes.

Comments

But sir there is huge selling occuring
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Kuberanbu nalinijagan03
@nalinijagan03, even I have this doubt. Would love to get proper explanation. Will the rally continue or reverse?
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@nalinijagan03 Market creates charts not the chart creates the market
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nalinijagan03 prajapatihemant768
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rajatangri nalinijagan03
@nalinijagan03, Post Covid after a good bull run, Stock showed strong resistance on the 2200 levels, and on Sep 10, 2020, the resistance was broken with a strong Volume. But bulls couldn't maintain the uptrend. Hence, even after testing the earlier resistance on the neckline as the support for almost 20 days, the support was broken and the stock hit the 1820 mark.

Since then, neckline was had been tested once but acted as a resistance (Low Volume). This time, the neckline was broken with the high volumes.

Reversal, can be done but would be mostly as a retracement for another run or a sideways trend after crossing 2380 mark.

Look for Support on the 2200 levels.

P.S: This is not a recommendation and is solely for educational purpose, I am personally not holding RIL shares as of today.
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nalinijagan03 rajatangri
@rajatangri, clear analysis thank u as m in to trading oly for few months m still learning
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