Dealing with 4-chart "extensively research" at Reliance price...

RELIANCE INDSNSE

Description

⋅ May 2, 2020 10:15 AM

Volume vs. Price Action:

Points to be focus on:

Gap (run away type)
Invalid Doji (from the left to right Doji is invalid because of low volume compare to previous candle)
sequence of tails (sign of existence negativeness)
Interruption began to push price upward.

Red Alert : sellers will take action on the Red Alert zone 1542 to 1490, and price will T1 as target.

Fibonacci Retracement:

confluence zone 1353 to 1329 target
next target 1250 nearby if sellers will continue.

Wave analysis theory (unconfirmed):

Parallel Channel and Project:

T1 -1375 to 1380

Comments

vinnu24laxmi

⋅ May 2, 2020 11:23 AM

If possible kindly update us on Bajaj Finance & Nifty

Jay_shree

⋅ May 2, 2020 1:21 PM

@vinnu24laxmi, Ok I will try whenever i got free time.

shellyshailender

⋅ May 2, 2020 1:32 PM

@Jay_shree, Me too need to know about BajajFinance. I am already long at it. An early advise would help me to take further course of action, Please.

srprasad

⋅ May 2, 2020 10:36 AM

Very good analysis. Why do you say a doji with not good volume as invalid? A doji is indecisive with or without volume.

Jay_shree

⋅ May 2, 2020 10:39 AM

@srprasad, In the many cases, you might have seen that doji did perform anything because of low volume only. If Doji has not higher recent 3 candle, there is meaning less DOJI.

srprasad

⋅ May 2, 2020 11:34 AM

@Jay_shree, thanks a lot for clearing my doubt.

Jay_shree

⋅ May 2, 2020 10:41 AM

@srprasad, Thanks for admired my work.

srprasad

⋅ May 2, 2020 11:35 AM

@Jay_shree, kindly help me to enrich my knowledge. Is there any book or reference you could share by which I can also gain knowledge?

architjain

⋅ May 2, 2020 10:26 AM

Thanks for the reliance, I would suggest you to go for NSE stocks , Nifty index as most of the people who follow are at beginner level or intermediate who checks up. The guys who do forex, bitcoin and other stuff are already at the advance level. So I guess majority would get hit by Nifty stocks. Give it a thought :)