Price action in Reliance shows two paths
Positives :
1. Reliance is at an all-time high.
2. Reliance is showing an inverse Head and Shoulder (as marked in the chart)
3. Head and Shoulder target is at 2320
Negatives:
1. Weekly RSI is showing negative divergence.
2. Daily RSI is Overbought
( The above points are important but not very significant )
3. The current price action has hit the Trendline resistance. If it reverses on Monday supports are at 1645 - 1600 - 1560 & 1500.
Trading Strategy - will trade for short only below 1700, for the above targets. Looks likely.
This Short, if materializes, will not last long and then we will have to look for higher grounds in RELIANCE. Remember 2320.
Positives :
1. Reliance is at an all-time high.
2. Reliance is showing an inverse Head and Shoulder (as marked in the chart)
3. Head and Shoulder target is at 2320
Negatives:
1. Weekly RSI is showing negative divergence.
2. Daily RSI is Overbought
( The above points are important but not very significant )
3. The current price action has hit the Trendline resistance. If it reverses on Monday supports are at 1645 - 1600 - 1560 & 1500.
Trading Strategy - will trade for short only below 1700, for the above targets. Looks likely.
This Short, if materializes, will not last long and then we will have to look for higher grounds in RELIANCE. Remember 2320.
Comment:
Reliance is falling since last 3 days. It is now on course to reach 1700. continuing SHORT positions.
Trade closed manually:
There is no FUN in trading Reliance on short side any more. It was a very sluggish move on down side.
Will have to come out with a new idea to Reliance on BULLISH side (may be....?)
Will have to come out with a new idea to Reliance on BULLISH side (may be....?)