It is been observed on Daily chart that the price action dropped down more than 20% from the highs of 580 levels, highly dominated by sellers. Now, I believe it has reached to a strong support levels where the big buyers shall be coming back in the market with a high demand that will take up the prices to the 23.6% Fib levels.
Target: 450
Stoploss: 395
Risk Reward: 1:2
Triangle formation on Reliance. in this triangle price will break any side, either long or short.
hurdles for Long - EMA 50 acting as resistance and MACD, STO and RSI all showing bearish trend.
Anyway keep until the buy or sell initiate the level.
Trade Idea:
Long
Buy above - 1000
Target 1 - 1006.50
Target 2 - 1012
Target 1 points gain - 6.5
Target 2 points...
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...
It is been observed that the price action breaks below the previous support levels at 46.25 on daily chart, and now it shall move further down to next support levels.
Target: 44.80
Stoploss: 47
It is been observed that the price action is trending down as it makes Lower High (LH) and Lower Lows (LL) sequence, indicating a down trend is continuation. Now, the price action breaks and close below crucial support levels of 1055 which indicates further move down to the next support levels at 1033-1030.
It is also to be noted that the price action is in...
After the price action broke out from a channel breakout and descending triangle as marked in purple and blue respectively. Now the price action went down to 46 levels where it completes a Bullish ABCD Pattern. Now the price action shall move towards 50 levels which is a 38.2 retracement level of A-D leg of the said pattern.
Target: 50.10
Stoploss: 46
Risk Reward: 1:3
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.
Target:1140
Stoploss: 1040
We have resistance zone in Reliance from 1067's to 1075's, and in the same area we have bearish gartley completion along with ABCD completion. As mentioned in chart itself, it just increases our confidence or to validate setup ( our direction of trade). But that wo't give assurance that it will be successful trade in Reliance.
Happy Trading !
On weekly chart, I observed that the price action is forming a descending triangle, which is a continuation pattern. It is a good time to put this one in our watch list and wait for couple of weeks to see a breakout from this with a high volume.
It is been observed that the price action breaks out from a trending channel and then the selling seen at the double top that confirms selling and the price action shall move down to the previous resistance, now shall be acted as support.
Target: 454
Sl: 474
Its a Game between triple restest of support zone & Descending triangle. Whether this support holds & send price back up or descnding triangle breaksdown, let's wait n enter the trade in Reliance.
Happy Trading !
