After a good rally in RIL, it getting high price rejection from overbought levels. We can 50 % of its upmove as a retracement.
Target should be somewhere 1300. BSE:RELIANCE[/shttps://www.tradingview.com/x/3nb6Zg07/ymbol]
Reliance forming Cup and Handle Pattern. On Breakout it can give more 100 Points upmove. However there's trendline resistance as well which will work in tandem with SR. Anyhow 1312-1320 going to critical zone for Reliance. Both trades can be initiated around this level with minimum SL.
Everything is marked on the chart-- Swing points, trend lines can be used for trading along with some momentum indicators.
Try to lookout for confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal.
Invest your capital at your own risk.
My idea about reliance on monday .
After a big impluse wave its clealy making a bullish flag.
i am bullish but you can DYOR(Do Your Own Research) .
on the chart green and red lines showing the buy and sell zones.
lets see what happens.
TARGET ABOVE GREEN LINE -1310
TARGET BELOW GREEN LINE -1250