Reliance: another Bearish Engulfing in last 10 days?
Reliance:
Fibo 1: Level 2 completion, we make expect a 50% downside movement if it has to move up or also move above the 2610 level (marked with red line) this is the previous 50% level from where it has to give a trend breakout, back testing and move up further.
Fibo 2: resistance at 0.236 level: 2590.7 again, matching with the Fibo 1 levels
Fibo 3: Level 1 as ATH & Level 0: Low after that (30 Sept) till now, we have come to 50% levels 2583.6 and daily closing candle is again below these levels,
overall signal looks in the downside.
Caution:
1. may take support at 50% levels to complete a short reversal around 2433 level to 2390 levels
2. the previous 2 Bearish engulfing on 21st & 25th October have been unsuccessful
Fibo 1: Level 2 completion, we make expect a 50% downside movement if it has to move up or also move above the 2610 level (marked with red line) this is the previous 50% level from where it has to give a trend breakout, back testing and move up further.
Fibo 2: resistance at 0.236 level: 2590.7 again, matching with the Fibo 1 levels
Fibo 3: Level 1 as ATH & Level 0: Low after that (30 Sept) till now, we have come to 50% levels 2583.6 and daily closing candle is again below these levels,
overall signal looks in the downside.
Caution:
1. may take support at 50% levels to complete a short reversal around 2433 level to 2390 levels
2. the previous 2 Bearish engulfing on 21st & 25th October have been unsuccessful
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.