Reliance Industries is currently trading at the potential reversal zone (PRZ)/supply zone set by the XABCD Bearish Bat Pattern. In the past after reaching the supply zone, it got corrected until 0.618 Fibonacci retracementent of CD.
After a good correction, it is trading now near the supply zone. Since it touched the all-time highs, it never had closed above the supply zone. A daily or weekly(safe) close above 2275 could give a boost until 2307.
Sustaining above this supply zone, the price may reach the 2382 level.
Go long above 2275 and start booking your profits from 2307-2382 for a safe setup. Place Stoploss at 2256.
Happy trading :)
This is not an investment idea. Please consult your financial advisor before investing.
After a good correction, it is trading now near the supply zone. Since it touched the all-time highs, it never had closed above the supply zone. A daily or weekly(safe) close above 2275 could give a boost until 2307.
Sustaining above this supply zone, the price may reach the 2382 level.
Go long above 2275 and start booking your profits from 2307-2382 for a safe setup. Place Stoploss at 2256.
Happy trading :)
This is not an investment idea. Please consult your financial advisor before investing.
Trade closed: target reached:
Book your profits now or trail your profits above 2382. Congrats :)