Reliance is the 3nd outperforming stock, Trading above 2008 trendline.
The stock was in consolidation for 8 years (2009-2017)
#technical #dailynifty #2008trendline
This is only for educational purpose.
Why number 9 ??
In 2008 Reliance fall for 9 Month
After that it has gone through consolidation for 99 months: Again number 9
After consolidation, the biggest bull run started for 33 Candle ( Monthly Candle ): Again Magical Number 9
This is only for educational purpose
Series of tails, means are existed still. Volume with price fallen was existed by investors.
Next Support 775 and current support 885 nearby. I suppose to take target downward at 778 nearby shortly. if price fall below 884.
Careful for holding this stock below 884...
1. start of elliott wave at 0 its a second top of chart in very large scale which indicating its bearish in very large scale
2 lower trendline is very strong trendline of its time and tested very well in past . so there is no question its a very strong support level
3 price are on a wedge from long time a month ago it tried to breakout but failed . and trader wam...
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this is my view on nifty for next week.
below EMA 50 and the 8500 support that we have if it breaks 7100 is the target for me .
follow the chart for all the price action .
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