*Reliance getting rejection from its All Time High (2850 levels)
*Impulse down move from its ATH & looks like its it correction phase.
*Selling pressure can be observed once it breakdown its current trendline.
REMEMBER: Perfectly timed entry and exit will give maximum R:R.
NSE:RELIANCE
Observations:
1) On 15min Time frame, it is trading in downward channel.
Please refer Chart below: 15 time frame.
2) On 1 Hour Time Frame, it is now back to its neckline after giving breakout of inverse head and shoulder.
As per theory it should now test this neckline and give bullish move upside.
Please refer Chart below: 1hour time...
on the 4 hour timeframe it has broken a trend line which acted as resistance and also observed the last kiss. So expect a UP move from here.
NOTE : Its totally my analysis and do not take it as trading advice.
Reliance is looking positive after completion of a corrective wave at 1855.
Now breaking above wedge line will leads to given targets in coming days.
wait for breakout above upper wedge line OR if closes above 2000.
- Wait for breakout
- Closing below lower wedge line will be SL.
Note: This is for educational purpose only. Do not trade in F&O based on this analysis.
21 EMA has acted as a dynamic support previously. There seems to be a bullish bounce from 21 EMA again. Moreover, there seems to be a bullish trendline breakout in RSI as well. RSI above 60 indicates bullish momentum.
Support 1483/1412, for targets 1693/1758
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Support exists at 1527 while connecting 1-W & 2-W trendline .
Volume vs. Price Action:
Points to be focus on:
Gap (run away type)
Invalid Doji (from the left to right Doji is invalid because of low volume compare to previous candle)
sequence of tails (sign of existence negativeness)
Interruption began to push price upward.
Red Alert : sellers will take action on the Red Alert zone 1542 to 1490,...
