Hi Guys!!
Greetings for the day!!
Today we have analysed the script RIL:
In Weekly Chart the Script was reached its Resistance level of 2800 Levels and closed around 2760.
As per the chart its formed inverted H&S Pattern and parallel Channel.
In Daily TF, the script was reached the resistance and has been consolidating at resistance
But When we saw the 1hr TF the script was already had broken the 1hr trendline and its was in the breakeven point.
Also the EMA50 and EMA79 was acting as resistance in 1hr TF and EMA79 & EMA50 act as support at the level of 2580-2620.
Hence as trader the script was not in the area of Value and let us wait till the script reaches around Daily Dyamic Support of EMA or 2565-2525.
Narration:
Script has bullish view for next few months.
Target - 3150-3180
Buying Zone: 2620-2520
SL - 2450 (On Closing Basis)
Chart Image:
Weekly:
Daily TF:
1hr TF:
Regards,
Caapinves
Greetings for the day!!
Today we have analysed the script RIL:
In Weekly Chart the Script was reached its Resistance level of 2800 Levels and closed around 2760.
As per the chart its formed inverted H&S Pattern and parallel Channel.
In Daily TF, the script was reached the resistance and has been consolidating at resistance
But When we saw the 1hr TF the script was already had broken the 1hr trendline and its was in the breakeven point.
Also the EMA50 and EMA79 was acting as resistance in 1hr TF and EMA79 & EMA50 act as support at the level of 2580-2620.
Hence as trader the script was not in the area of Value and let us wait till the script reaches around Daily Dyamic Support of EMA or 2565-2525.
Narration:
Script has bullish view for next few months.
Target - 3150-3180
Buying Zone: 2620-2520
SL - 2450 (On Closing Basis)
Chart Image:
Weekly:
Daily TF:
1hr TF:
Regards,
Caapinves