My views on the market after a very, very eventful budget trading session. What are yours?
Reliance has a impulse on downside which can drag Nifty marked Elliott Wave Counts which indicates we have started Wave 3 on downside.
THEORY: 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...
Reliance Stock Analysis Is Reliance Stock Forming Head & Shoulder Pattern??? We need to wait couple of weeks for confirmation which is below 2536. If Reliance Price breaks 2536, we may see 2300 levels again.
Reliance trend line break or impulsive rise positive for reliance
Buy Reliance at 2361 for target 2455/2484, with stoploss on daily close
Weekly channel support + reversal on daily charts. Buy for targets 2460-2490-2530-2600 ++ Broader view targets 2900-3000 SL closing below 2300 *Its a view, trade accordingly *Trail your profits always
2425 -2460 No Trading Zone 2460 Break Go with Long 2425 Break Go with Short. Making Head & Shoulder
The stock is trading within a bullish channel and current price is trading near lower support zone. A bounce from current level is expected.
After making high in May 2022, reliance has been making lower high and following parallel channel since then. already its below median and future not looking good.
It's my personal view. This is for educational purpose Only. This is not buying or selling recommendations. I am not sebi registered. Please consult your financial advisor before taking any trade. Thankyou.
Will Nifty break the 18,200 resistance tomorrow? And will Banknifty edge closer towards 42,700?
Reliance is trading at a long-term channel support & has done a 78% Retracement of the recent trend. Looks good to accumulate for long term until 2300 is not broken. This time it can target for another ATH. For short-term trading, 2400 is the area that should not be broken. Till above it, A good LONG Candidate.
Reliance Pin bar found in Day chart. If price closes above todays high, then we can go for long.
-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...
Reliance has broken the support were it made double bottom last week on daily timeframe. We can short reliance around 2471. Target at the next support zone which is at 2285. Stoploss will be at the high of breakdown candle at 2536.
weak setup in reliance stock making weak candles counter unable to sustain on higher zone pressure witnessed on higher levels can likely test 2350-70 zones again 2600 strong resistance
A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs. Script = Reliance Time Frame = 15 min