AbhishekHSinghCMT

Reliance Industries-B Wave Triangle with key resistance@1145

Short
AbhishekHSinghCMT Updated   
NSE:RELIANCE   RELIANCE INDS
On Monthly Chart, Reliance Industries also could be in trouble unless the market proves me wrong & reliance starts moving above 1145- which is the key resistance level for me.

If reliance leaks downside, below 795 then selling pressure will increase- confirming that it was a B - wave triangle & it is heading down in a C - wave & likely to travel 61.8% of A-wave which comes to 390-400 zone.
Trade active: 08:17 Hrs 25th Oct2016

Trading@1064

Reliance is struggling & likely I expect some bounce back, but very important, it should not close above 1145 -which is a very important level or Laxman Rekha for me
This bounce back could happen from the lower boundary of trendline in the zone 1040-1050
If we get the bounce back then I will have to check what kind of bounce back has opened & what will be the next course of action.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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