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RELIANCE A POSSIBLE DOUBLE TOP

NSE:RELIANCE   RELIANCE INDS
If one watches reliance             closely the stock may form a typical double top chart formation
and the leading indicator over here is the volumes traded on the stock which if we watch we can see is less as compared to the previous time the stock reached this level what it means is "last time when the stock reached this price the demand was met with higher amount of suppliers"
in this case 8 million(approx)/(TOP 1) volume in which supply was more than the demand.

Now at peak two the volume has decreased to 6 million which please "note does not matter unless the demand(buying) is more than the supply(selling/shorting)".Here it is clear that the stock crossed its previous high of 957.80 to 959.50 and saw heavy offloading supply to traders who thought the price will break above.

"This is a lesson never to buy at higher levels no matter what analyst say on TV/Big Brokerage Houses".God knows what they are planning.
"A close above the previous high is more important or a confirmation that the demand is greater than > supply".
Such a confirmation is a indication of new price range because it forces Short Covering in the stock.And continues till the demand Dry's out and reaches a level of absolute satisfaction that there are no more buyers at higher levels and the price begins to drop there are indicator's for such research or analysis is the 'Open interest' and the 'volumes'.

MY TRADE VIEW ON RELIANCE            
"please note that there is a possibly i might be wrong because reliance             is one of the most liquid stocks in India and demand can pick up easily
but according to the analysis and volume indicators i have come to this conclusion"

SHORT POSITIONAL TRADE ON THE STOCK
Short @ 950-955-959.50
Stop @ 965
Target @ T1-935
T2-915 (condition that the stock closes below 931)
Trade active: I HAD GIVEN A STBT CALL ON RELIANCE AND THE TARGET WAS ACHIEVED
NOW OUR POSITIONAL TRADE CAN BE ENTERED
SHORT POSITIONAL TRADE ON THE STOCK
Short @ 950-955-959.50
Stop @ 965
Target @ T1-935
T2-915 (condition that the stock closes below 931)
Trade active: Now we have seen a lower higher and lower low i see the stok might reach 931-35 today
we are starting to make money
Trade active:
!!HAPPY TRADING!!
!!PLEASE LEAVE A LIKE COMMENT BELOW!!
!!WATCH out for BTST/STBT IDEAS @ 3:20!!
!!EVERYDAY!!
!!TATA MOTORS STBT ON 28TH REVISED ON 29TH SHORT @416 TGT 410 REACHED!!

!!DBL STBT @994 TGT 974 TARGET REACHED!!

!!ABB STBT @1410 TGT 1395 TARGET REACHED!!

!!TECH MIN STBT @497 TGT 490 REACHED!!

!!INDIGO STBT @1158 TGT 1143 TARGET REACHED!!
Trade active:
Trade closed: target reached: FOR SHORT TERM TRADERS
POSITIONAL TRADERS
HOLD YOUR POSITION WE ARE TRADING THE PATTERN
Trade active: TOP BROKERAGE FIRMS AND THEIR CALLS AS ON THE DAY RELIANCE HIT 959 WAS BUY FOR THE LEVELS OF 990.....
AND THE SAME DAY I POSTED THIS IDEA IN EDUCATION NOT AS A CALL BECAUSE I KNEW THAT ONE WILL LEARN WITH THIS POST THERE IS A REASON MY AN TECHNICAL ANALYST GIVES A CALL.IT IS BASED ON RESEARCH WHICH SPANS OVER HOURS......
PLEASE DO LIKE MY POST COMMENT IF YOU WANT WE TO DO RESEARCH/THESIS ON A SPECIFIC STOCK THOUGH I AM 23 YEARS OLD I BELIEVE THAT I HAVE STARTED TO READ THE MARKET AND INTERPRET
Trade active:
what a analysis, for the King of Market stock like reliance
Reply
@Vinitpowar, THANK YOU
Reply
nice analysis, I agree there is a possibility of it going down as on friday a bearish candle formation took place, but this stock is used for manipulating the markets due to it's weight age.
Reply
@hotpot64, it may find support @ 931
Reply
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