MSohailchouhan

breakout trade

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NSE:RELIANCE   RELIANCE INDS
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Formation of round bottom, but much of importance coz this pattern usually works out best when formed on real bottom, breakout of all time high with increase in volumes, USUALLY true breakout patterns give a pullback once breaking out as a part of profit booking so 1322 juncture becomes important level once a whole candle forms above this range, better to go for buy once it gives pullback around 1322 with small sl. Nifry energy too at important juncture breakout above 16000 on closing basis will be helpful for energy sector to flourish next major resistance at around 16270.
Comment: nifty energy likely to give pull back looks like completion of 3rd wave