Reliance - Start of new downtrend or will the uptrend continue?
Applied Fibonacci levels to recent all time highs(1329) and recent lows(1208.5).
Stock retraced quite a bit and testing a crucial Fibonacci level of 0.618 which is at 1283.
This is very important as it may decide the trend of the stock in near term future and also trend of the market.
Right now try buying a put option at low cost at 1280 levels with stoploss of 1292 targets can be huge till 1184 and see if it works, if that fails we get stopped out and buy if stocks sustains above 1295 for 1 hour expect new highs.
All this depends on how market behaves on Monday and Tuesday, and how World markets do this week.
Expecting a trending move next week on either side.
Watch closely...
Stock retraced quite a bit and testing a crucial Fibonacci level of 0.618 which is at 1283.
This is very important as it may decide the trend of the stock in near term future and also trend of the market.
Right now try buying a put option at low cost at 1280 levels with stoploss of 1292 targets can be huge till 1184 and see if it works, if that fails we get stopped out and buy if stocks sustains above 1295 for 1 hour expect new highs.
All this depends on how market behaves on Monday and Tuesday, and how World markets do this week.
Expecting a trending move next week on either side.
Watch closely...
Trade active:
Reliance seems to have reversed from recent highs of 1282 levels. Sell with stoploss of 1275 Target 1237
Trade closed: target reached:
Target 1237 Reached. Trade closed.
