Reliance Industries is one of the most heavyweight and most recognize stock of nifty50. I am analyzing reliance from last 2-3 weeks and i found above patterns and each patterns perform very well. Now Reliance is in a ascending triangle also from last couple of days overall market sentiment is confusing, so trade the breakout side with proper stoploss and target.
Note-
Their is two possibilities :-
> Ascending triangle breakout
> Trendline support breakout
In first case we can go long and our target will be near 2440-50 level with a stoploss of 2400.
In second case we can make a short position for the target of 2780-70 and our stoploss is above 2410.
Note-
Their is two possibilities :-
> Ascending triangle breakout
> Trendline support breakout
In first case we can go long and our target will be near 2440-50 level with a stoploss of 2400.
In second case we can make a short position for the target of 2780-70 and our stoploss is above 2410.
Trade closed: target reached