I am not too optimistic about Reliance in short term, however, I feel that Reliance has made 1-2-1-2 structure, and all set for a fresh rally starting Thursday. It should be a quick rally to cover about 200 points or 5-6 percent, before the budget, post which it should enter sideways zone..
Hourly Chart can show that its resting on 78% retracement, and a clear AbC wave.
Targets -
3275
3350
3450
Hourly Chart can show that its resting on 78% retracement, and a clear AbC wave.
Targets -
3275
3350
3450
Trade closed: stop reached
So it has come for the support in 2950 zone,, its expected to fall further in wave 5 of C. post which it can start a fresh rally.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.