Reliance in daily chart given breakdown at 1430 zne fter a consolidation from 1466 to 1430 zone from 3 days
now after breakout on downside , trading at 1410
important level to note is 1430 /1440 on upside while on downside now its open for 1350 /1340 level.
Upside resistance at 1440 /1460 zones .
Fresh upmove only if close above 1490 for 1650...
As reliance have touched its All time high for the third month, it would be advisable to book partial profits at higher levels and could wait for the Fibonacci retracement for lower levels for buying in dips. Reliance has rallied more than 75% in just 1.5 months hence expect some profit booking and correction.
1. Ascending triangle pattern formation an hour chart. This state Reliance want to Long.
2. But on the formation of Cypher Pattern on the chart. X Point at Recovery Price of 880 , retrace to B Point , C Point to 1229 (Current Price)
3. Formation of XB=0.38 and AC=1.401.
4. Assuming XD form at 0.786 lead to the Formation of BC=1.407.
5. All above level...
As per this weekly chart we can see how beautifully each time the stock has respected Harmonic Patterns and shown reversals. From a Bearish AB=CD to a Bullish AB=CD, followed by a Bearish Deep Crab and now a Bullish Deep Crab along with a Bullish AB=CD. If it can hold 1285 then a retest of 1400-1450 looks probable.
Is trading within an expanding triangle. Today's O=H (so far) near the upper end of the channel. If it sustains below 1540 (closing basis) then it could test the lower end of the channel near 1475. Resistance comes in at 1580 for now.