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.
Comments
VadivalPranchi
⋅
What about BPCL ? shooting like GSLV
WaveTalks
⋅
@ajayww2, Theres are so many stocks that sometimes I forget to track as it is impossible to do all & still I try my best.
neneram
⋅
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)
WaveTalks
⋅
@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.
VadivalPranchi
⋅
Enter the trade ?
WaveTalks
⋅
@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.
cpr.2110
⋅
@AbhishekHSinghCMT,
Hi Abhishek - it happened today, the fall below 1347. How will the waves be counted now?