theapextrader7

RELIANCE - triangle pattern formation

NSE:RELIANCE   RELIANCE INDS
triangle pattern formation spotted in the stock

Comments

what is the target ?
+2 Reply
theapextrader7 prasad5959
@prasad5959, if breakdown, first target is 1903.if breakout, immediate target is 1990 and further 2030
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Can u pictorially show the triangular formation? what is the effect on Dec expiry? P/C ratio is 0.61 indicatiing upperside moment is not possible. Your views please.
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theapextrader7 kandaswamyp
@kandaswamyp, I did not get what is meant by "pictoral representation" other than that i have already drawn here. As far as option data is considered, the stock is stuck in range bound so that further movement comes in only after the consolidation is complete. This triangle may turn into parallel channel pattern if the consolidation continues. But for breakout we only needs a positive news or weaker hands are entirely eliminated in the process of consolidation. So we better wait for the breakdown or breakout (with volumes) of the triangle or channel(which my form) for entry.
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kandaswamyp theapextrader7
@theapextrader7, better Q3 reults & smooth merger of Reliance and Future retail should give a breakout, perhaps. Thank you for your views, gives good understanding.
Reply
theapextrader7 kandaswamyp
@kandaswamyp, cheers. Just sharing what I get to know from overall observation :)
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