Reliance, Saudi Aramco deal re-evaluate - Interesting developmen
1. Buyers from a and b were happy that Reliance made 2600. Many who missed this move would be regretting not entering around 2460.
2. c gave buyers chance to buy again around 2450 with hope of 2600 and higher and many bought on 18th Nov.
3. Where they are going to keep their stop ? At what level are these buyers going to exit ? 2450 and 2400.
4. Here is where Reliance - Saudi deal re-evaluation news comes in - PRICE WILL GO BELOW 2450, 2400 LEADING TO FLUSH OF THOSE ALREADY HOLDING IT.
5. Around 2300 - 2360 is weekly time frame support for Reliance. So if buying comes and we see a reversal above 2400 withing few days then we will have up move to 2600 and 2750.
BUY because -
1. Buyers flushed.
2. Sustaining above 2400.
3. Shorts who entered below 2400 trapped now.
4. Negative news having no affect - means positive for up move.
5. Enter above 2400.
2. c gave buyers chance to buy again around 2450 with hope of 2600 and higher and many bought on 18th Nov.
3. Where they are going to keep their stop ? At what level are these buyers going to exit ? 2450 and 2400.
4. Here is where Reliance - Saudi deal re-evaluation news comes in - PRICE WILL GO BELOW 2450, 2400 LEADING TO FLUSH OF THOSE ALREADY HOLDING IT.
5. Around 2300 - 2360 is weekly time frame support for Reliance. So if buying comes and we see a reversal above 2400 withing few days then we will have up move to 2600 and 2750.
BUY because -
1. Buyers flushed.
2. Sustaining above 2400.
3. Shorts who entered below 2400 trapped now.
4. Negative news having no affect - means positive for up move.
5. Enter above 2400.