I hope you can now see how Reliance represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
Reversed from 200 EMA, again took support of 50% Fibo and Holding at 0.618% with Bullish Hammer and 2090 is the target for Tuesday and it will be unstoppable after 2100. Google’s 33000 cr investment will be coming soon, bought 96% stake in Urban Ladder.
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It has reversed taking the support of 200 EMA and retraced after 0.50% Fibo Retracement and holding the levels at 0.68% and formed Doji, Bullish Inverted Hammer and Red Bullish Hammer as Profit booking was done on Diwali. It’s a Strong Buy for at-least 2090 as 2100 levels will act as a resistance due to huge options selling. It’s unstoppable after 2100.
Elliot wave seems to be bullish, short term investors and positional traders can find a good entry around 1900 or above 2045.
It's better to get confirmation around 1900/1940.
Targets could be Fibonacci levels mentioned above. Plan your trades accordingly.
Link below for the previous idea.
Reliance is going to have a reverse trend around 1634.
So till that point, it is going to be a downtrend for RIL.
Entry can be possible at the current level with an SL of 2100 and the 1st target of 1888 and final target 1634.