RIL's random movement had confused a lot. It can fall directly to 1600 from here or can move once to 2060-2095 and then reverse for 1600. I don't have sound technical logic and the view is purely based on intuition.
Disc : It's not an investment advise to buy or sell
Reliance Industries price rebounding from cloud bottom on Ichimoku cloud.
Chikou span is free for downfall.
I'll suggest entering with December series PE.
Note - I have position of only 1 lot 1900 PE December series while posting material. I'll exit if trade doesn't end up profitable by Friday EOD.
Material is solely for educational purposes, assess your risk...
As the markets are making new highs, Reliance is still struggling to position itself. In fact, it is breaking down. Previously Reliance has shown reversal near 1800 and again it's trading near that level, do this time it will reverse or will retest 1600?
This analysis is done only for educational & intelligence purposes, invest or trade at your own risk