pradumnasaraf

Reliance broke major Trendline( Bull Trap?? )

NSE:RELIANCE   RELIANCE INDS
As shown in the graph, Reliance was taking major support at Trendline AB, but today that line got breached. So the Real thing that, it's a Bull Trap or some good correction is near.
So the reason why I think its a Bull Trap- (Just my thought)
1) No negativity around it
2) Stock already corrected and consolidated a lot
3) Earning is near
4) Big player breaking down it for dip-buying.


This analysis is done only for educational & intelligence purposes, invest or trade at your own risk &
Comment: It's A BEAR TRAP NOT A BULL TRAP sorry for the typo

Comments

I dont understand. According to me Bull Trap is false signal for Long Position. But the way you are suggesting it means Bull Trap is a positive signal for BUY. I think you mean BEAR TRAP.
+6 Reply
@amodgoel, i too think so bear trap
+3 Reply
pradumnasaraf navinkumarhrd
@navinkumarhrd, indeed, sorry for inconvenient
Reply
As per chart, it is at Very good support levels and today made big doji candle after continuous red candles , and it is at 100 sma support levels, High OI Put selling at 2000 stike price. Parameters are favouring that Bulls can take control. There is a Good R:R for Bulls here .
+3 Reply
It won't breach 2000
+2 Reply
This type of trap happened in Kotak in a different way. It was taken down on Monday on rumors of IndusInd acquisition . Then see what happened on Tuesday : it went up big ,on results
+1 Reply
I would say it's probably a Bear-trap rather than Bull-trap
+1 Reply
pradumnasaraf hungryMaster73488
@hungryMaster73488, indeed, sorry I mentioned it wrong.
Reply
No Trap. Serious Correction. Expecting further correction in it. Fibonacci retrenchment is around 1800 in the Weekly Chart and 200 EMA is at 1820. Let's check at 1800-1820 level.
Reply
mota bhai pe kbhi shk ni krna
Reply
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