Reliance Infra:575. symmetrical triangle,on breakout,Target 820.
RelianceInfra:575 is trading in a symmetrical triangle, currently near the apex and about to have break out from its upper TL. Resistance 820 support 496.
Caution: A contradictory view is that, it has formed a Descending triangle from 2009 (a Descending triangles form in downtrends and are characterized by a series of lower highs but the Flat Bottoms & they have a definite bearish bias), But in this case it is having an upward breakout. My point is that, this opposing pattern formations may neutralize the move,and it can lead to a side way market.
Caution: A contradictory view is that, it has formed a Descending triangle from 2009 (a Descending triangles form in downtrends and are characterized by a series of lower highs but the Flat Bottoms & they have a definite bearish bias), But in this case it is having an upward breakout. My point is that, this opposing pattern formations may neutralize the move,and it can lead to a side way market.
Note
546 will be a safe SL
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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.