Reliance is forming Symmetrical Triangle pattern in Daily Time frame,
Any breakout of the lines, will give us 500 Points move either side depends on the break.
Keep this stock in watchlist for Positional Trade.
Wait And Watch ??
Look for Low risk, High reward, and High Probability setups-
Things to Remember while Trading with the Trend
1. Know what the trend is.
2. The best trades are made in the direction of the trend.
3. Assume that the main trendline or moving average will hold.
4. The longer the moving average is, the better it defines the trend.
5. Wait for the...
breaking the resistance line - expecting RIL to go up from current level
target and stop based on comfort
personally, would wait for neckline break to enter
2540 level to watch here
patter formation - cup formation
disclaimer - trade @ own risk
RELIANCE is making a good triangle pattern and moving averages are also showing bearishness in the stock thus Reliance can enter the Bear market once it breaks the triangle.
THE MAJOR support is now 2400 that's gonna be the first target and the second target can be 2200.
#RELIANCE long idea
It broke All time high - buyers will come
Relative strength is 52week high
Momentum is higher in daily & weekly
It takes its time too move, as it is big% of NIFTY
should take profit whenever relative strength weakens & momentum comes down in daily
RIL is consolidating in a range from nearly 10 months. From here good to BUY and Accumulate on DIPs. Short-term 10% up and long-term 20% up possible. Next up move must be a heavy lift to the next accumulation range.
Note: This analysis is from my experience. Please take your financial advisor suggestion before taking position
Good to keep on the radar
Always respect SL & position sizing
Trade Secrets By Pratik
This is our personal view and this analysis is only for educational purposes.
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