Date: 11th January closing basis
Reliance After Breakout and backtesting the Price has now started moving upwards. (Refer previous article of 29th December’21)
Price is currently at 2455.55 on closing basis on 11/01/22.
If we look on Fibonacci (Unit of Technical Analysis),
Price has created a range,
Level 0: 2247.1 on 20/12/21
Level 1: 2382.1 on 29/12/21
Retracement (Backtesting) around 0.5 level,
Price closed about 1.272 level on 5/01/22 and again moved back to take a support at level 1 (2382.1) on 3 consecutive trading days, i.e. 6,7 & 10th January.
10th January candle is, O (2452), H (2457), L (2416.05), C (2438) while 11th January candle is O (2436), H (2474.95), L (2435), C (2455.55) if we compare point to point, yesterday’s opening has been below previous day’s closing, while closing has been above 10th opening this is Bullish Engulfing and we can look for upwards movement in Reliance today onwards.
Targets:
T1: 2502 which is the previous high of 25th November,
Significance of this level: Reliance from 25th November to 3rd December (7 trading days tried to break the high) but couldn’t sustain and ultimately it dropped down to a low of 2247.1 on 20th December (around 250 points down from 2502 levels).
T2: 2525.
There is a probability that Price may backtest 2502 levels before it again starts moving up.
T3: 2602
T4: 2751 and then above 2751
SL: 2435 and further trailing SL at 1.272 after backtesting of 2502 levels & 1.618 levels once it moves above Level 2 (2590.9) keeping trailing SL as per your risk.
Reliance After Breakout and backtesting the Price has now started moving upwards. (Refer previous article of 29th December’21)
Price is currently at 2455.55 on closing basis on 11/01/22.
If we look on Fibonacci (Unit of Technical Analysis),
Price has created a range,
Level 0: 2247.1 on 20/12/21
Level 1: 2382.1 on 29/12/21
Retracement (Backtesting) around 0.5 level,
Price closed about 1.272 level on 5/01/22 and again moved back to take a support at level 1 (2382.1) on 3 consecutive trading days, i.e. 6,7 & 10th January.
10th January candle is, O (2452), H (2457), L (2416.05), C (2438) while 11th January candle is O (2436), H (2474.95), L (2435), C (2455.55) if we compare point to point, yesterday’s opening has been below previous day’s closing, while closing has been above 10th opening this is Bullish Engulfing and we can look for upwards movement in Reliance today onwards.
Targets:
T1: 2502 which is the previous high of 25th November,
Significance of this level: Reliance from 25th November to 3rd December (7 trading days tried to break the high) but couldn’t sustain and ultimately it dropped down to a low of 2247.1 on 20th December (around 250 points down from 2502 levels).
T2: 2525.
There is a probability that Price may backtest 2502 levels before it again starts moving up.
T3: 2602
T4: 2751 and then above 2751
SL: 2435 and further trailing SL at 1.272 after backtesting of 2502 levels & 1.618 levels once it moves above Level 2 (2590.9) keeping trailing SL as per your risk.
Comment:
opening 2465 and made a high of 2501.5 T1 is 2502
Comment:
T2: 2525 done
Comment:
backtesting of 2502 done as updated in the morning!!!
Comment:
day high of 2525 closing at 2521,
We wait for good numbers tomorrow.
We wait for good numbers tomorrow.