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RELIANCE

RelianceIt has broken the channel in down side but there is horizontal support near 2300 level. Horizontal supports are more powerful than trendline supports and it is round number also so I am in opinion that 2300 level will be hold and good upside in one year time frame can be captured from here. SL is comparatively very much less here compare to huge upside in long run. Not at all short term trade idea. Here some good amount of money can be made if things go in right direction else take small SL and sit quite.
NSE:RELIANCELong
by YS9
RELIANCE: Head and Shoulders BreakoutTHEORY: This pattern forms after an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. The left shoulder is formed after a big bull rally in which the volumes are quite large. At the end of the left shoulder, a minor correction takes place on the downside which happens on the low volumes comparatively the starting of the left shoulder. After this, again an up move can be seen on large volumes forming a head whose top is above the left shoulder following a correction on lower volumes & completing the head. The completion of the head must be below the top of the left shoulder. If the prices fall down below the low of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies. Now if you connect the bottoms of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing below the line, this will be the confirmation of the breakdown of the H&S pattern. However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern. After retesting if the prices again come down this will be the final confirmation of the downside movement of the price as shown below. The bookish target of this pattern is taken as the vertical price range from the top of the head to the neckline & the bookish Stop loss should be the top of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range above the neckline. May 29 TRADING STRATEGY: GO SHORT WITH SL OF 2590 & LOOK FOR THE TARGET OF 2460/1365 IN THE COMING WEEKS. NOTE: IF THE STOCK BREAKS THE RESISTANCE OF 2632 THEN IT WILL BE A H&S FAILURE PATTERN, WHICH WILL CALL A BULLISH ALTERNATE SCENARIO.
NSE:RELIANCEShort
by TradingSutra
18
Head and Shoulder -A head and shoulders pattern is a technical indicator with a chart pattern of three peaks, where the outer two are close in height, and the middle is the highest. -A head and shoulders pattern—considered one of the most reliable trend reversal patterns—is a chart formation that predicts a bullish-to-bearish trend reversal. -An inverse head and shoulders pattern predicts a bearish-to-bullish trend. -The neckline rests at the support or resistance lines, depending on the pattern direction. Script = Reliance Time Frame = 1 day
NSE:RELIANCE
by Jainshashwat
Risk Management trade in Reliance.Hi there! Let's talk about this small trade in Reliance. Reliance CMP:- 2524.05 -->From 30th sep to 1st Dec Reliance has formed HH and HL and was in Uptrend . -->Since then Price is in correction and approached 0.618 Fib level of that up wave. What's in my mind? -->If we observe the price action there is an untested demand zone at this 0.618 Fib area. -->If we observe the upper 2 arrows those mentioned candles and and their volumes saying that there was some distribution happened may be reason for this correction -->If we observe the bottom arrow that mentioned red candle with high volume is a support breakdow n and may be the stop losses of previous long trades What's my point? -->Even if price continues to move down I'm expecting a pull back before that and this Idea is actually trading that pull back. -->If my analysis goes wrong and price breaches this demand area I will exit with my stop loss and enter at next demand areas with new confirmations. Entry setup: Enter Long: 2480 Stop Loss : 2425 (70 rupees per share and one can plan their risk accordingly) Managing the trade: If the trade goes in our way *Exit half Quantity @1:1 Risk/Reward Target and Shift to SL to cost *Exit Half of the remaining with 1:1.5 or 1:2 Risk/Reward (by looking at momentum) and trail the SL. *Exit remaining with trailing Stop loss. *SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY. *NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES ***If you like my analysis let me know by giving boost or a comment. I will be updating.
NSE:RELIANCELong
by Mo-Kri
1