RELIANCE BREAKOUT
Updated
Reliance has seen some profit taking come for a while. There is a strong resistance at 2200, which is a very important zone. On Friday, the stock was not able to move out of the right range as marked in the yellow box on the chart.
After a period of extended consolidation, the market may be finally ready to take the price above 2200.
Strategy:
Observe for a breakout above 2160.
Enter at the first dip after the breakout, around 2155.
Stop Loss at the lower end of the range @ 2120.
Target at 2260.
Giving a RR ratio of exactly 3:1.
After a period of extended consolidation, the market may be finally ready to take the price above 2200.
Strategy:
Observe for a breakout above 2160.
Enter at the first dip after the breakout, around 2155.
Stop Loss at the lower end of the range @ 2120.
Target at 2260.
Giving a RR ratio of exactly 3:1.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.