Reliance Short opportunity almost 344 points
Updated
CMP : 1588.80
Gap occurred ( Facebook Deal) and not filled yet and going higher high.
No doubt, Its true reliance outperformed, but their earning report is coming in a couple of days (17th July). Hope that will crash the price and make it fill the gap and attract more buyers to buy that level. Thats what technical says.
Hanging man appears @ Weekly TF at resistance level.
Can buy a OTM PUT in July Expiry trading around Rs.5.25
Lot size 505 x 5.25 = 2650/- is the max risk hence no SL required
If want to cut risk, enter below 1550 when the inside trendline is broke.
Target low price : 1244
Gap occurred ( Facebook Deal) and not filled yet and going higher high.
No doubt, Its true reliance outperformed, but their earning report is coming in a couple of days (17th July). Hope that will crash the price and make it fill the gap and attract more buyers to buy that level. Thats what technical says.
Hanging man appears @ Weekly TF at resistance level.
Can buy a OTM PUT in July Expiry trading around Rs.5.25
Lot size 505 x 5.25 = 2650/- is the max risk hence no SL required
If want to cut risk, enter below 1550 when the inside trendline is broke.
Target low price : 1244
Trade closed: stop reached
Setup invalid now !
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