AbhishekHSinghCMT

Reliance- Hitting Bulls Eye Again at 1097-1038 - Sell on Bounce

Short
NSE:RELIANCE   RELIANCE INDS
5
(( )) - bracket means circled

As per previous update -I was looking out wave-((ii)) to complete at the close by zone of 1100 so an update excitement to start above or close to 1100 -mentioned below for reference.

Wow!!!- We hit the bulls eye again- knocking exactly in the middle.

Started an impulsive fall -going below 1064- expected pressure-which was evident in the 17th Jan2017 session. It made a low@1038.50

Trading Strategy-
Shall be looking for a retracement to current fall from 1097 to 1038- if starts moving above 1050- but we won't be going long as that could be risky, so we will wait for bounce to search our next upcoming trading opportunity which is "sell on bounce"

Click the chart below & use the load bar feature within the chart

Previous Update - Excitement to start above or close to 1100
An exciting 4-5 trading opportunities in the last few days as every dip was buying opportunity -keeping 1064 intact, we bought reliance & closed position near 1100's as that was resistance zone .

Reliance 2016 Diary - How we moved in 2016

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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