Reliance Industries price action analysis
Updated
Reliance took a correction of nearly 10% from 15th June to 25th July, then made an up move. This correction completed the target of the bearish bat pattern(left side,
Moving to the current situation, the price is again at a decisive potential reversal point but being already beaten up, chances of fall are less if spoken logically. There could be a fall also, so be it becomes absolutely important to wait patiently for a trade position.
Above the supply zone, all the shorts could be trapped, a short covering move could give a strong rally upside.
This is a neutral idea. So there are no targets. Once we have a proper trend, we will set targets.
Happy trading :)
This is not investment advice, please consult your financial advisor before investing.
Moving to the current situation, the price is again at a decisive potential reversal point but being already beaten up, chances of fall are less if spoken logically. There could be a fall also, so be it becomes absolutely important to wait patiently for a trade position.
Above the supply zone, all the shorts could be trapped, a short covering move could give a strong rally upside.
This is a neutral idea. So there are no targets. Once we have a proper trend, we will set targets.
Happy trading :)
This is not investment advice, please consult your financial advisor before investing.
Trade active
Seems like short-covering moves have started in Reliance. Breaking the supply zone would create an awesome rally.
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