PLEASE FOLLOW CHART TRADE AT YOUR OWN RISK
As you can see in the chart reliance Is strongly bullies monthly as well is weekly so you can buy it and target is 1600 and above so on Best of luck traders and investors you take a diamond
Sell Reliance at 1425 Stoploss 1432 Target 1411 1392
IT IS NEAR TRENDLINE SUPPORT AS WELL AS 50% FIBONACCI LEVEL STOP LOSS IS 1343 TO GO LONG
ONCE A TRENDLINE IS BREACHED ON CLOSING BASIS IT BECOMES SUPPORT NOW AS WE SEE WITH BLUE LINE STOCK TOOK RESISTANCE 3 TIMES AND FINALLY BREACHED UPSIDE AS SEEN WITH ARROW THEN BECAME SUPPORT BUT NOW AS SEEN WITH ELLIPSE STOCK IS TRYING HARD TO TAKE SUPPORT AT THIS TRENDLINE WHICH BECAME SUPPORT PREVIOUSLY IF IT BREAKS IT ON CLOSING BASIS STOCK WILL FALL TO 1485...
logic 1) inverted flag pattern 2) global + nifty is looking down 3) news and sentiments in reliance is negative
WITH RED LINE AS STOP WE CAN GO LONG GAP HAS BEEN FILLED TODAY AS SHOWN TARGETS MARKED BUT IF RED BREACHED ON CLOSING BASIS GO SHORT TARGET GIVEN EVERYTHING ON CANDLE CLOSE BASE USE 30 MINUTE
Educational Purpose
IF CANDLE CLOSES BELOW BOTH LOWER BLUE LINES TARGET MARKED 1440 GOOD SUPPORT
I hope you enjoyed this artile.
#Reliance at support zone. Can it reverse at the trend support? View negated if the trend is broken and next support is at 1420. #Reversal #Trend #Nifty