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hiebro

RIL bearish outlook #H&S_pattern

Short
RELIANCE INDS (NSE:RELIANCE)  
hiebro Updated   
NSE:RELIANCE   RELIANCE INDS
Chart Patterns Trend Analysis ril Bearish Patterns
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chartpattern trendanalysis ril bearish
Head and shoulder pattern is clearly forming in RIL. Check out the chart for levels.
Comment:
Wait for the breakout of H&S pattern with volume before taking any fresh positions. Also similar pattern is forming in different timeframes. Do your own analysis before taking any positions.
Comment:
As expected the breakout has occurred in reliance although we need to wait for the candle closing to check whether the breakout is valid or not. Also keep an eye on the volume.
Comment:
1916 and 1900 could be the levels where Reliance can get some support.
Comment:
05/04/2021: Breakout failed, stock managed to close above neckline on daily basis.
Comment:
Still bearish on RIL, Let's see.
Comment:
Gap down breakdown in RIL, let's see whether it can sustain this level or not.
Trade closed: target reached
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