AbhishekHSinghCMT

Reliance - In 1050's -Are you ready with your fishing net

Short
AbhishekHSinghCMT Updated   
NSE:RELIANCE   RELIANCE INDS
10
Fall from the highs of 1097 to 1012 was quite impulsive & was an awesome trade, which was anticipated 7-8 days in advance on 4th Jan2017 in the update- "Excitement to start above or close to 1100"

Now from 1012 it was up down up move finishing set of correction & retraces 50% of the fall 1097 to 1012 in the zone 1054-1055 along with possible double top- which is not confirmed yet & will do so if it moves below 1045 & sustains below that level.

Trading Strategy
We will wait for market confirmation & price rejection in the zone 1050-1055 as the indication that it wants to move down & shall confirm if sustains below 1045.

Safe Traders- can sell below 1020-mini bottom for targets in the zone 915-925 zone.

Be ready with your fishing net could be a big fish -reliance industries- fry it or eat it raw -its your wish but let the fish die.

You would love to read my previous analysis

B- Wave Triangle with key resistance@1145

Wave Power- Magic of Cardinal Rule- Market proved me wrong

Above 1070 for 1085-1090

Excitement to start above or close to 1100- Wow! The excitement started from 1097

Trade closed manually: 11:34 Hrs 20th Feb2017

Last Price@375

We should be careful below 1065 lows in present situation-closing this post as we did not get the move below 1045 as suggested above in the post for us to take sell.
Comment: Sorry - price typing error- "1075"

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.