There's a very big relation between the price action and volume. Sometimes we see there's a breakout in the chart but later it comes out to be a false breakout, reason being low volume. Here in reliance we can clearly see a breakout with big volume which can take a stock upto 1300 within 2-3 days. Buy at cmp with a stoploss of 1166.
Reliance Industries (NSE:RELIANCE) seems to be breaking out of a bullish cup & handle pattern. Can be bought on retest of the neckline at 1230 levels for an initial target of 1325.
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If 1 hr candle breaks the resistance area and close above it, a good upside move could be seen by looking at the support and resistance level.
Reliance Short this could be bigger reward short if you can manage the risk well
1. AB = CD Pattern Completion on daily Chart. 2. Complete Formation AB = CD Pattern to 1.61 Fibonacci Level Point ( Chart Fall Short to Draw Completely) 3. All Price Level are Market for 16/02/20
Trend Break Out Secondly, Crude Fallen Below 20 USD
Protect your positions on Reliance, avoid long side trades as long it reclaims 1198 levels. Rallies if any, can be utilised to create fresh shorts as long as 1198 is not exceeded. Targets on the downside are 1160-1142-1098.
Reliance stock price will probably reach 1330 area where it will face technical resistance of the 100D EMA and Upper TL of the structure. Also, keep in mind that the market hasn't bottomed out yet. Once the economic shock from the COVID-19 Pandemic comes into the light, the stocks will start dropping once again.
Reliance is moving in a narrowing channel, any breakout will provide further direction. Until than trade the 1180-1260 range.
Hope we will get in the mentioned price range Remember debt is still high for Reliance
LH 1511 is confirmed LL 1361 --> Price can move and react as resistance at POV 1281. --> The impulsive move is 4.2 x than the Correctional move. The price can move up to 1281 nearby. CLOSE VIEW In the chart, the line was drawn from the black color which works to atrract price value. Turning our eyes on the chart from left to right means that...
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Reliance will go up to 1286 Want daily, monthly, weekly, hourly, minutes view on specific scripts ?, PM me for details.