Reliance Ind - Perfect buy! (Golden ratio + Change in polarity)
Reliance industries gave a breakout from it's trading range in January, since then after making a high around 1600 (after split) has retraced 61% of it's upmove. (Fibonacci Golden ratio)
It is also taking support at it's previous trading trading range high, exhibiting perfect 'Change in Polarity'.
Change in Polarity refers to a market structure when price takes support at a previous resistance after a breakout, or when price takes resistance from a previous support after a break down.
Trade details
Enter long above 1300
Stop loss at 1250 (2% from entry)
Target 1580-1600
It is also taking support at it's previous trading trading range high, exhibiting perfect 'Change in Polarity'.
Change in Polarity refers to a market structure when price takes support at a previous resistance after a breakout, or when price takes resistance from a previous support after a break down.
Trade details
Enter long above 1300
Stop loss at 1250 (2% from entry)
Target 1580-1600
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