RELIANCE | Looks Cup & Handle in Hourly time frame.
Upon breaking the resistance can give quick moves.
Reason to buy here is the SL is low and Risk reward is good, kind of 1:3, 1:4.
CMP : 2134
SL : 2090
Target : 2250 - 2300
Track old analysis : docs.google.com
The stock seems bullish only if it Crosses the Black trendline with good volumes as Is still far from its 0.5 Retracement level. So buy above 209.5-211 if it breaks.
Although the price has been rejected from the trendline but if it breaks it in Re-test then you can enter in the trade.
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Like my Idea if...
The stock has formed a cup and handle formation and looks Bullish for swing of 2 weeks.
The Price might retest the Neck Line, so Handle zone will act as a Support.
Risk Takers can take a Position on the handle zone and safe players can take above the neck line.
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TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
June Series Option can be tried.
Wait for entry setup, if available then Long/short.
Reward is 8-10 Times
First source solution (FSL) looking for breakout from parallel channel. Third Elliot Wave has been started which can be confirmed by volume blast.
Formed cup and handle pattern which is near breakout point.
All dips towards 42.3 - 40 are long opportunity Stop Loss 34.9 on daily closing basis. Check chart for more details.
Third wave target 58
Fourth Wave target...
The Stock Seems Bullish with Cup Formation and is about to break its all time high, although the Handle is still Missing so the Handle Support Region has already been marked.
The Neck Line act as a major resistance, and Closing above this line can give new Highs to the stock but if it fails to do so then we can see the stock falling.
All levels have been...
The Handle is Missing from the formation which indicates a strong Bullish Moves but just to be Sure if it retraces, There are 2 support Zones:
1) The First Support zone is the black line which was acting as resistance Earlier now act as a Support, So if there is any Retracement, Chance are it will get support over the black line.
2) If it breaks the black Line...
Cipla cup and handle breakout. Add on dips 710-702 SL 680. Conservative target 745-53 (handle height). Aggressive target 800 (cup height).
Rsi negative Divergence so aggressive target is tough to reach. Result on 7th Aug.
Today the stock witnessed a breakout from the consolidation base. The cup-with-handle formation occurs frequently before big moves made by stocks and such occurrences are no coincidence. In the present scenario before the formation of the cup and handle pattern, the stock witnessed an uptrend with higher swing lows and higher swing highs from the levels of 2588 to...