Reliance Ind / RIL - trade setup - 25 April 2022
Reliance made all time high breakout on 21 Apr gaining over 60 points during the day. RIL helped a lot to lift nifty on the day.
on April 22 though RIL opened with a small gap down giving indication that this is the breakout level retest. This gave concern, as all time breakout should not have a intraday retest. Retest should have happened after 2-3 days after showing the strength. But the strength got lost very soon.
This huge dogi on daily chart is the second concern on RIL bull rally.
In 1 hr chart reliance has already made double top after the breakout, creating M pattern at top. This is another signal possible reversal.
Note: All prices mentioned here are as per spot.
RIL Trade setup for Monday 25 April 2022:
Trade setup # 1 (Short setup ) : If RIL open flat (between 2750-2758) and moves down
Short below 2747
SL - 2764
Target - 2700 / 2670 / 2630
Trade setup # 2 (Short setup ) : If RIL opens higher but below 2792
Short between 2787 - 2792
SL 2796
Target 2061 ( If RIL slips even lower then Trade setup # 1 can be executed)
I do not suggest attempting to go long as it will involve high risk sighting global cues and Dow/Nifty trend, and will demand constant attention. So not posting the trade setup. however the breakout level on the upside will be 2808 and target can be as high as 2850 / 2910
Disclaimer: This is just my view on the stock/index. I'm not a registered advisor on market analysis. The idea is published only to spread my views on the trend and price movement probability, and gather feedback to cultivate healthy discussions. Please do your due diligence before investing your money. Remember, you're responsible for your investments and trades.
on April 22 though RIL opened with a small gap down giving indication that this is the breakout level retest. This gave concern, as all time breakout should not have a intraday retest. Retest should have happened after 2-3 days after showing the strength. But the strength got lost very soon.
This huge dogi on daily chart is the second concern on RIL bull rally.
In 1 hr chart reliance has already made double top after the breakout, creating M pattern at top. This is another signal possible reversal.
Note: All prices mentioned here are as per spot.
RIL Trade setup for Monday 25 April 2022:
Trade setup # 1 (Short setup ) : If RIL open flat (between 2750-2758) and moves down
Short below 2747
SL - 2764
Target - 2700 / 2670 / 2630
Trade setup # 2 (Short setup ) : If RIL opens higher but below 2792
Short between 2787 - 2792
SL 2796
Target 2061 ( If RIL slips even lower then Trade setup # 1 can be executed)
I do not suggest attempting to go long as it will involve high risk sighting global cues and Dow/Nifty trend, and will demand constant attention. So not posting the trade setup. however the breakout level on the upside will be 2808 and target can be as high as 2850 / 2910
Disclaimer: This is just my view on the stock/index. I'm not a registered advisor on market analysis. The idea is published only to spread my views on the trend and price movement probability, and gather feedback to cultivate healthy discussions. Please do your due diligence before investing your money. Remember, you're responsible for your investments and trades.
Trade closed: target reached:
Trade # 1 triggered at 2747
Reliance went below the second target of 2670
Low at the time of this update - 2663.65
Reliance went below the second target of 2670
Low at the time of this update - 2663.65