Relianceanalysis
#Reliance downtrend movement with risk:reward 4#Reliance downtrend movement with risk:reward 4
Symbol: Reliance
Time frame :4-hours chart
Analysis breakout from the symmetrical Triangle
Downtrend Movement
Checked the conditions for moving average, RSI and volume
Sell at 2196 with this stop loss 2295 and target 1830
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NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
NOTE: RESPECT The risk. SL should not be more than 2% of the capital.
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Reliance bearish viewReliance has been respecting the downward sloping trend line . Ideally it should go towards 2290 to grab the liquidity over there & re-test the trend line again. if the re-test fails to break the trend line then we can see a sharp 100 point drop towards the next liquidity point.
P.S: this view is negated if Reliance breaks the downward sloping trend line .
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 Ind Nifty Movers Down side Breakout 2023 Reliance Industires Stock Analysis With Confirm Targets for 2023
We all Know Reliance Ind. Is The Movers in Nifty50 , So we have to Keep eye on Bigest Stock In India Please see Below Some Details about Chart Analysis .
1. In Reliance Industires Stock Chart We Found Ascending Triangle Chart pattern on One Day Time Frame
2. Ascending Triangle Chart pattern forms When Stock Making Higher Lows and another Side Because of Major Resistance Stock Returns towards support
3. First Support Zone for Reliance Industires Stock is 1831 - 1878
4 . Major Support Zone is - 1580 - 1620
Stock Given Brekout As per Chart Pattern , if Breakout will continue then Down Side Targets are -
Frist Target - 2023
Second Target - 1880
Third Target - 1630
It is Negative Sign For Nifty50 Also beacause its Major Contribution in Nifty Index . Keep Eye on RELIANCE .
RELIANCE COMING IN BUY ZONEReliance gave a great move from 2500 level towards 2750 and again retracting towards demand zone, go long for marked targets on the chart until 2500 is intact on the down side.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Reliance Chart analysis | Make or break levelPrice & Volume relationship:
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Price goes up but Volume goes down these means not a good time to invest.
Look closely at the "W" pattern forms which means if the neckline is broken then do not be in hurry, Watch out for Volume & OI & then Boom Boom !!!