Premature H&S Formation in Reliance

Reliance after making double top near 1320 levels; is just forming a head and shoulder pattern which is yet to be confirmed. Below 1200 stock is all set to test 1125/1086 levels. Keep a close eye. And if nifty will fall then this has to be led by Reliance and other heavy weights. However time will say if it breaks down or not. Below 1200 it will become a perfect shorting candidate.
Comment: Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
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