Reliance long positional viewHello Traders and investors,
As we can see the reliance was consolidated in a range by last two years after bullish rally, may be now reliance is ready to fly again as per technical analysis.
A proper range bound zone and we can see the supply and demand zone as range of last two years.
A proper downtrend channel pattern and trend line breakout happening in current scenario.
So we can assume 6th back to back target as per chart view or historical data.
Entry = Above 2350.55
Stop loss = 2299
Target = 2413--2494--2580--2698--2827--2975+++
Disclaimer = This is an educational purpose post not as trading recommendation, Trade at your own risk.
Longreliance
RELIANCEReliance is approaching towards March 2022's lows of 2180 which happens to be very strong & last support for Reliance.
If Indexes & Reliance had to bottom then 2180 (Reliance) 16745(Nifty) are strong levels.
Also, Reliance & Indexes are extremely oversold.
Could be bought with strict stoploss of 2175 & postional targets (if market bottoms here then) 2454
Risk:Rewaed in favour of bulls.