Head and shoulder in Reliance Industries.

Jan 2

Major support levels :- 2575, 2550, 2531

Resistance:- 2600, 2620

If it takes out the upper level of 2620 and closes above it on weekly chart, it can give nice up move. Positional stock or stock future trades can be initiated.

Intraday trades can be taken on both the side. Bearish trade for an intraday trade can be initiated on the breakdown of the H&S pattern on the hourly candle close.

Wait for the price action near the levels before trading.

Jan 3

Note

Bullish targets are done in the morning as it has created a new ATH.

On the closes basis it has drop over 1% and is sitting near the support level.

Market the bearish trade levels.

Jan 4

Note

Stock has been consolidating in the range on the daily charts.

Just watch for a break out or break down. Good target on either side can be captured in the stock.

Major resistance is around 2630 from where the stock has reversed.

A clear support level of 2575 is there on the charts.

Wait for stock to form a price action near the levels. Swing trades can also give good returns.

Jan 10

Note

Break out in the last trading hour in the stock is showing some positiveness.

There are chance of touching 2740-2750 levels soon.

Position can be created around the retest of the break out level.

Targets for swing trade is around 2739.

Intraday bullish trades can be initiated after seeing a retest on fib levels or after it starts trading above 2675 level.

Watch for a proper setup and avoid entering early.

Jan 12

Note

Swing trades can start booking partial profit around 2740-50 zone and trail the remaining portion for further movement.

High volume break out is there as the daily volume doubled.

Avoid new entry as the stock has move more than 5% in two days.

Beginning of the year is good for Reliance and has started trading above it after 2 years.

Jan 15

Note

Reliance result are there this week and there are chance for now after a 5% move after the break out it can halt or retrace a little bit.

Anyone still holding on to reliance trade will be in good green.

Watch for a setup and price action and trade accordingly. Our targets were done last week. So we will switch to another break out stock for intraday.

Happy trading.

Jan 18

Note

Reliance is at 38.2% fib levels.

If it closes below the level, it will test 50-61.8% level and reverse or further break down to retest the break out zone.

Watch for price action and close on the daily charts.

Major support zones:-

2660-2685 (Fibonacci levels/ Golden ratio)
2608-2621 (break out resistance zone.
2580 (Final support).

Wait and be patient. Positional trade will be created and stock for swing trade can also be added.

Jan 29

Note

Finally relaince has formed another high and move 7% closing around 2900 levels.

Positional traders can trail there SL, while capturing the move for the first target of 3000 and 3200

If there is a retracement upto 2190 level, new position after seeing the price behaviour can be initiated.

Targets :- 3000, 3200.

Reliance is moving a the markets too. Watch for a the budget day move in the stock and indices.

:)

Feb 22

Note

The stock has consolidated near the higher levels and today's volumes are also high.

If the index remaine bullish, the stock after crossing 2972 levels can test 3000-20 levels.

Watch for a closing above the zone in the hourly chart. Avoid trading the stock if there is a gap up opening above 2985 as the R:R ratio will not be good.

Major resistance :- 2998-3020

There is a bullish pattern formation on the hourly charts and chance are it will give a nice break out trade for intraday trades.

Positional trading holding the derivatives can also book profits around the round number.

:)

Feb 27

Note

A rising wedge pattern being formed in the stock near the higher levels.

Reliance has given a nice move and the pattern formation is looking bearish for a while.

If the stock starts trading below the support trend line, it might test the lower levels.

Major support levels :- 2915, 2853

Look for a break down and trade accordingly.

In case the stock consolidate in the wedge and gives break out next week, next month expiry can be traded.

Wait for the price action near the levels before entering the market.

:)

Mar 4

Trade closed: target reached

Intraday sell targets done in the stock

Jun 30

Note

The stock is around the target level of 3200.

This year has been good for the reliance investors with approx. 20% ROI in 6 months.