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 !
This is a Weekly chart of Reliance Industries Reliance getting ready for a SHARP UPMOVE !!!
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 !