We are looking at weekly chart of Reliance Industries
- Between July 2018 - May 2020, we observe Reliance trading in 3 red downtrend channel boxes of similar time horizon - In June 2020, we see Reliance giving a strong breakout above the red trendline - thereafter we have seen Reliance trading in 2 parallel yellow boxes
Given the chart pattern, Accumulate Relianceat current levelsand on dips towards 2240 Target 3500 odd levels
Reward potential 50%
Pattern gets invalidated if it closes below the red trendline on a weekly closing basis Risk 5%
Risk::Reward ratio looks good to go long from medium to long term perspective
Take care & safe trading....!!! For more such ideas Like and Follow
Disclaimer - The view expressed here is my personal view - Past performance is not a guarantee for future predictions - I have been wrong in the past and can be wrong again in future too - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be