Reliance - Classic morning star pattern formation
Updated
Reliance Industries Ltd is trading in a price range of 2200 - 2800 since Sep 2021.
In between this a strong support and resistance formed where 2200 act as a support and 2800 as a resistance.
Last week a bullish candlestick pattern formed in Reliance called Classic Morning Star at support level.
Here are the characteristics of a classic Morning Star pattern:
1. The first candle is a long bearish candlestick, indicating that the bears are in control of the market.
2. The second candle is a short candlestick that gaps down from the previous day's close. This candlestick is also known as a "Doji" and represents indecision in the market.
3. The third candle is a long bullish candlestick that gaps up from the previous day's close. This candlestick represents a shift in momentum from the bears to the bulls.
Morning star candlestick with inverted hammer at support level indicating a lot more.
In between this a strong support and resistance formed where 2200 act as a support and 2800 as a resistance.
Last week a bullish candlestick pattern formed in Reliance called Classic Morning Star at support level.
Here are the characteristics of a classic Morning Star pattern:
1. The first candle is a long bearish candlestick, indicating that the bears are in control of the market.
2. The second candle is a short candlestick that gaps down from the previous day's close. This candlestick is also known as a "Doji" and represents indecision in the market.
3. The third candle is a long bullish candlestick that gaps up from the previous day's close. This candlestick represents a shift in momentum from the bears to the bulls.
Morning star candlestick with inverted hammer at support level indicating a lot more.
Trade closed: target reached
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