RELIANCE
17600 broken - what's next? my analysis and viewsNifty has closed below 17,600 and Banknifty below 40,000. Here are my views on what's next for the indices...
reliance flag and pole pattern 2400 round levels support + flag and pole pattern trading setup for intraday
just ready to buy trade okh
Reliance hourly - Flag & PoleReliance - As shared earlier in previous analysis, Reliance is getting ready ...so positional shorts in index needs to be careful
If My reading is right, we already have a MCB in option chart of Reliance 2500CE...
Reliance Industries Stock Analysis Reliance Industries Stock Analysis
Reliance Industries Stock created a Double Bottom in Daily & Hourly Timeframe
and also trading at Important Weekly Support.
2310-2325 is a good Buy Level with 2295 as Stop Loss.
Targets are 2387/2450/2469.
Reliance Long Trade Learnings and LogicHere's my trade review of a NSE:RELIANCE trade I recently took. Hope this helps and curious to hear your thoughts...
RELIANCE: IMPULSIVE WAVEStock is rising in an impulsive manner on the lower degree time frame and is likely to form a five wave structure on the higher degree time frame which will be a base building for the next higher level. The current structure suggests that stock has already concluded its 3rd wave and currently retracing back in a wave-4 which is likely to conclude in the region of 2406 which is 38.2% retracement level.
Buy 2410-2406 SL 2371 tgt: 2480/2520
Reliance completed ab=cd harmonic pattern @channel Reliance completed ab=cd harmonic pattern @channel bottom trendline
buy reliance 2381 above add more on EVERY dip till 2267 CLOSING STOPLOSS BELOW 2230 TARGET WILL 2498-2613-2736
more idea link attached below check and comments
Reliance - Important Level 2300Reliance is taking support from it previous resistance level of 2300. It is into consolidation from almost 4 months.
We can see a good reversal from here.
Weak below 2293 , Next Resistance 2500/2700
Flag PatternIn the context of technical analysis, a flag is a price pattern that, in a shorter time frame, moves counter to the prevailing price trend observed in a longer time frame on a price chart. It is named because of the way it reminds the viewer of a flag on a flagpole.
The flag pattern is used to identify the possible continuation of a previous trend from a point at which price has drifted against that same trend. Should the trend resume, the price increase could be rapid, making the timing of a trade advantageous by noticing the flag pattern.
Script = Reliance
Time Frame = 15 min
RELIANCE is expected to reach 2420 in 2 hours chartAs per my analysis, Reliance reaches 2420 as per 2 hours chart.
As per Daily chart,, if the value breaks 2300, then we can expect down trend upto 1800.
Reliance Weekly Time Frame AnalysisCurrent Trend:
1) moving in uptrend parallel channel and at bottom of parallel channel
2) MACD -Some weakness print in histogram. But confirmation not yet(cross over required)
3) at 0.786 level of support
Once it breaks 1Hr Consolidation we can turn bullish on Reliance with First target of 2440
Target to be watch:
Support :
once this level is broken(2300) we can except Reliance turned bearish
Resistance:
First level of Resistance @ 2720 level .
candle Formation: Doji at support followed by two Bullish candle.
Pennant PatternIn technical analysis, a pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines—the pennant—followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole.
Script = Reliance
Time Frame = 15 min
Reliance forecast - 2558 possibleThis is possible forcasting and not a confirmed trade
On a daily chart a bullish diamond formation is forming and yesterday an inverted candle has formed on charts indicating possible reversal.
If this continues uptrend then 2558 target is possible in coming few weeks. SL is 2290 on closing basis.
RELIANCE NEAR DEMAND ZONEReliance is consolidating near it's previous demand zone @ 2300 - 2250 and looking a good buy for a bounce.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Reliance RSI Bearish DivergencePrice is making lower lows while the RSI is making lower highs which is clear sign of RSI Bearish Divergence.
Entry
We can enter in long trade after breakout above resistance zone with strong bullish candle.
Stoploss
Below the resistance zone.
Target
Target will be the next resistance zone.
Please Like and Follow
Strong Support reached - 20% Bounce coming?Reliance has been trading in the range of 2250 and 2750 for a while now and has finally reached the price support region again.
The formation of recent Doji in the market further confirm the indecisiveness in the market after the recent down move.
A morning star pattern or a piercing pattern might further improve our confidence, with RSI bottoming out at 30 in weekly and MACD slowly turning bullish as well.
It will be interesting to see if RIL slowly traces its way back to 2750 levels and that would be a 20% move from current levels.
Not an investment reco, just for research purpose.
Thanks for reading :)
Reliance Ready for the Bullish RunReliance has corrected to a good level. The stock is showing very bullish divergence signal.
Holding it for 2750 is a sensible option.
Reliance is trading around last low, which makes it more attractive.
Intraday trade Reliance positive news. Stock is trading near strong support zone.
Long position - >
Entry - ( 2216 ,2225 )
Sl - ( 2210 ,2215 ) respectively
Target - 2240
Don't miss out on RelianceNSE:RELIANCE
I believe there is a very high chance that Reliance will break this trendline this time.
Reliance has been following this trend line Since JAN 2021 and till then it has been tested 2 times
April 2021
Sep 2022
and this is the third time
Jan 2023
Demand on trendline has been reduced significantly.
So the Break of the trendline can happen and bears Can take full control.
and and the price is trading below POC too.
It's just for educational purpose, and not intended to trade until the Breakdown happens.
Reliance - Swing TradeTechnicals :
- BB outside inside on daily
- W pattern on D
- Spinning top with high volumes on Weekly
- Weekly at RSI 40 Support
Trade setup :
Entry : 2350
SL : 2290 (60pts)
Target : 2470 (120pts)
R/R : 1:2
