AbhishekHSinghCMT
Long

Reliance - 70 clicked -Morning Star for a bounce to 1385-1400

NSE:RELIANCE   RELIANCE INDS
694 7 18
As expected in previous update @10th April2017 - Got the bounce from 1370's to 1400 zone as expected & later a fall for 40-50 odd points.

Click the chart below to read previous update.



From the lows of 1347- looks like an impulsive sequence done from 1450 highs & finishes Wave-A. Got a morning star candlestick pattern from lows@1347
Shall be looking for 50% retracement which comes in the zone 1400 & minimum distance it should retrace is 1385 where it completes 38.2% of the fall from 1450 to 1347.

Once retracement done- we use the bounce to sell again & looking lower targets downside.

What is Morning Star Candlestick Pattern

A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or white) that closes below the first red bar, and the last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.



Trade active: 14:23 Hrs 17th April2017

Last Price@1388

Boom- Boom

Reliance moves up from the morning star bullish pattern support - giving big green candle for the day.

Trade active: 11:23 Hrs 18th April2017

Last Price@1410-

Retraced 61.8% of the fall from 1450 to 1347 at 1410-1415 current high zone today. We shall be careful here to exit long positions or book partial profits.

Trade closed manually: 14:12 Hrs 18th April2017

Last Price@1390

Started Falling from 1410 as expected above. Closing the post.

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
What about BPCL ? shooting like GSLV
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@ajayww2, Theres are so many stocks that sometimes I forget to track as it is impossible to do all & still I try my best.
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Agreed :
Mera Sapna , Reliance Apna :-)

Just put some strategy :
1) I took 1360 call and sold 1400 call (Friday)
2) Buy futures and sell 1360 /1380 calls
3)Buy 1360 Call 3 lots , Buy Put 1 lot (Put call ratio you choose , keep bias on call side)


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@neneram, It seems you love Reliance but I always tell in stock market never marry a stock otherwise you get emotional attachment & on the fall - you will have to take the pain.
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Enter the trade ?
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@ajayww2, It is short term rise -I am expecting to 1400 & then I have to check again as it could fall below 1347 -recent lows giving us better opportunity later for final leg upside.
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cpr.2110 AbhishekHSinghCMT
@AbhishekHSinghCMT,

Hi Abhishek - it happened today, the fall below 1347. How will the waves be counted now?

Thanks
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