Short Opportunity in Reliance - Long Term Resistance Zone

Jan 10

Symbol : Reliance

Trading Idea : On daily and weekly TF, It looking like a consolidation & breakout but as per my analysis, Reliance is currently Trading at 2 year resistance zone & this breakout may fail as the stock is already given a huge upmove on weekly TF.
One can go short at current levels of 2640-2670 with SL of 2710.

Target 1 : 2545
Target 2 : 2485

Jan 11

Trade active

Opened gap up because of global positivity and gujarat summit news.
CMP 2690
aggressive short positions can be made(as Risk : Reward is very favorable here) with Stoploss of 2710-2720

Jan 12

Trade active

CMP 2707
Short positions can be held with 2725 SL.

Jan 12

Trade closed: stop reached

Closing the trade as stoploss reached.
There is still very high probability that it may come down but discipline is important.

Jan 17

Trade active

I have made short position today again at 2758 with 2800 SL and still holding my position for minimum 2620 targets.
My view is still bearish.
Although It hit my previous SL at 2725 but it didn't sustained at above levels at all and getting strong rejection yesterday and today.

Jan 23

Trade active

CMP 2672

85 rupees in profit.

Jan 23

Trade active

CMP 2655

more than 100 rupees in profit.

Feb 9

Trade closed manually

Closed my long position around 2650 & forgot to update here.