Date- 14th March 2024
Time - 18:41
-As we can see RIIL has formed Cup& Handle Chart Pattern and also trying to retest today on daily basis.
-One more thing I have noticed and applied here is Fixed Range Volume Profile Tool, to identify where exactly the most volume has created. Which was 1000 Rs. in this case.
-If Current price is above POC (Point of Control) red line means, next big supports are near that price. So, if its breakdown from retest point it can go till 1000 Rs or if it revered from rested point then 1st Target will be 2384 Rs. according to Cup & Handle Pattern.
- Also, on smaller Hourly Timeframe is showing Bullish Continues Divergence too.
Time - 18:41
-As we can see RIIL has formed Cup& Handle Chart Pattern and also trying to retest today on daily basis.
-One more thing I have noticed and applied here is Fixed Range Volume Profile Tool, to identify where exactly the most volume has created. Which was 1000 Rs. in this case.
-If Current price is above POC (Point of Control) red line means, next big supports are near that price. So, if its breakdown from retest point it can go till 1000 Rs or if it revered from rested point then 1st Target will be 2384 Rs. according to Cup & Handle Pattern.
- Also, on smaller Hourly Timeframe is showing Bullish Continues Divergence too.
Comment:
1000 Rs is still good support and Price movement was decent this month, but closing is considered as good because RIIL price is still above high-volume zone so it's likely to go up due to low volume on above price.