Bravetotrade

The Dilemma Of Trendlines

NSE:RELIANCE   RELIANCE INDS
Often we see situations like above chart where it is difficult to decide which trendline is correctly drawn. Truly no one can actually tell which trendline is more correct than the other. And Is it the break of AB or AC or DE which should be considered to take the trade?

When ever there is such a situation, it is wiser to give secondary importance to these TLs             . The foremost importance in such cases should be given to market structure. The stock just made a higher high on 15/12 and broke a series of lower lows after 18 days. Although it could not sustain the highs yet its a positive signal for the bulls.

I would consider for long positions in this stock if it maintains the lows just made. A closing above E (925) on this chart will be a second bullish sign. A lot of short covering will be seen above 933 and 937.

On the bearish side, a breach below the lows of 908 would attract fresh short positions.

Sometimes its better to sit on hands and watch the show.

Enjoy :)
Bravetotrade

Comment: After hourly closings above 925, showing strength.
Comment: 908-910 on the downside and 933 on the upside are the key levels to watch out for this week. A break above 933 may take it as high as 950. where as 897 and 877 are possible below 908. Let's wait and watch the consolidation till then.
Hi, Reliance manage to reach 938 today but could not manage to close above 933
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Bravetotrade Vinitpowar
@Vinitpowar, yes, but it's good closing.
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Bravetotrade Vinitpowar
@Vinitpowar, on daily chart I would still prefer closing above 933.
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Vinitpowar Bravetotrade
@Bravetotrade, ya you were right. I bought in morning and sold with LOSS by EOD
should have waited for 933 closing but till 2.30 it was @933 , but market went downward it RIl also was Down
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Bravetotrade Vinitpowar
@Vinitpowar, that's why confirmations are important..u were right selling by EOD coz when market is yelling at you that you are wrong, it's good to accept it.
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Vinitpowar Bravetotrade
@Bravetotrade, this is was good learning specially when you loose money 😔
Next time will make sure
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Bravetotrade Vinitpowar
@Vinitpowar, it's good to have positive thinking.. All the best.
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Vinitpowar Bravetotrade
@Bravetotrade,
Its again RIL is up
should we wait till 3.25 to sustain till 933
Reply
Bravetotrade Vinitpowar
@Vinitpowar, yes.
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KAL TAK YE SHARE 910-912 TAK NICHE AA SAKTA HAI NA?
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