--> Price can move and react as resistance at POV 1281. --> The impulsive move is 4.2 x than the Correctional move.
The price can move up to 1281 nearby.
CLOSE VIEW
In the chart, the line was drawn from the black color which works to atrract price value. Turning our eyes on the chart from left to right means that reistances turn in support and it time to act as reistance again.
** R 1247 nearby.(R can push the price upto 1100 below.)
Hi Kinnari,
Please can you mention this in terms of suggested trade? Example
Short 1245-1281 range (Or buy puts 1100)
Target 1 -?
Target 2-?
Target 3-1100
I am startled that so many guys out here are get carried away by this analysis. I don't know what to say.
This is a bloody bear market and the market is going to bleed. It would be silly to bet high on Reliance.The last closing price as shown in your analysis is INR 1189 and you are expecting a move upto INR 1281. That is a INR 100 move or roughly a 8% move. The downside is significant. The risk reward ration doesn't justify this at all, in my opinion. Furthermore, there's no assurance that prices will get to INR 1281. Oil price is highly volatile and the oil price correction is not over yet looking at crude Oil price charts.
The correction that has occurred so far is just the tip of ice berg and worst correction is awaited in next wave down. My advice if anyone cares to read this: STAY AWAY FROM THIS TRADE IN YOUR OWN INTEREST UNLESS YOU LOVE CATCHING A FALLING KNIFE
GautamH
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@Yadunath, dear freind Kinnari is a swing trader giving us shorting advice with top
Resistance zone.. she is advising if price moves up to 1281 its a sure shot selling level... appreciate your total analysis but we beed to analyse what the person is trying to suggest first b4 jumping to conclusions... her charts show down arrow in charts from 1281.. she is only talking about resistance...
Support line is turned into resistance and also the 50% retracement is almost complete and hence it will take a breather to move down
I think she is working hard and i think the only drawback in her comments when she posts charts is she needs to bit more clear in her trading strategy as lot of people following her here are not TA traders so they may take a wrong trade based on misunderstanding...
Trade-Technique
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@GautamH, I suggest to all trade only when I activate the call on Timeline, - Why dont we use time if we have it...!
Trade-Technique
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@Yadunath, Let me give simple CONDITION to apply: If price comes the near my levels, its good to act OR Just watch the price.
Please can you mention this in terms of suggested trade? Example
Short 1245-1281 range (Or buy puts 1100)
Target 1 -?
Target 2-?
Target 3-1100