Symmetric Triangle for Reliance

Reliance NSE:RELIANCE has grabbed the headlines quite a few times for the last year. The price action seems to be more in action. In the last 9 months, it has formed lower highs and higher lows, thus establishing a symmetric descending triangle .
The average volume is also decreasing. (Calm before the storm)
The prior trend is a rising trend.
Thus, its expected for the price to breakout in the upside after the triangle apex is getting closed.
On 29th May, there is a bull flag pattern formation, which could be exploited for short term swing gains.
6th July to 16th August marked the formation of an inverse head and shoulder pattern and that too subsequently broke out on the upside to touch 2200. After this the price is again consolidating, to breakout in the future.
Breakout can be known only after they occur, but as the prior trend was an uptrend, we think that prices can breakout on the upside.
(This is not a stock recommendation, this is just an analysis of the various Price action pattern with a real time example. Do your own due diligence before a stock purchase. Open to ideas and discussions on the same)
Comment: After the breakout following the inverse head and shoulder patter, the price increased. It was said that if the price crossed the long term trend line around 2235, then it has strong chances to increase even further and offer high rewards.
But the level of 2235 acted as a strong resistance and it formed a bearish candle. Also them MACD divergence suggests that prices may reverse.
(This is a analysis posted for educational purposes only.)

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