niladri
Short

Bearish Butterfly @ reliance

NSE:RELIANCE   RELIANCE INDS
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Following the technical pattern formed in last 1 month i tried to plot bearish butterfly pattern in short time frame.
The point D @ high 1467
length XA =86.65
with the help of Fibonacci ratio calculation the initial TARGET 1 and and the TARGET 2 is shown in the chart.
it will be interesting to see the price action in the zone target 1 ,if the stock does not find any support at this zone the price will move straight to TARGET 2
(everything is done on basis of mathematics)
Comment: HEADING TOWARDS TARGET 2
Comment: good technical performance( stock following the rule)
now target 2 low @1327
may be achieved in one to two weeks
Comment: target 2 achieved ,,, now what next?
bearish trend will continue or new trend will begin?
major supports are 1290,1260,1240
Supercool, doing awesome :)
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niladri InsiderB
@InsiderB, thanks
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Stop loss likely to be hit in next week.
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