Sanjan91

Reliance Industries price action analysis

Long
NSE:RELIANCE   RELIANCE INDS
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.
Trade closed: target reached: Book your profits now or trail your profits above 2382. Congrats :)