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
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.
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 .
ImVK18trader
⋅
It won't breach 2000
natsbabu
⋅
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
hungryMaster73488
⋅
I would say it's probably a Bear-trap rather than Bull-trap
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.