EXPLANATION : This is a 15 Min time frame chart of RELIANCE , It has been in a consolidate for days and has formed an Ascending Triangle Pattern . If give a strong breakout and broke its supply zone with high volumes and retest the same , I am bullish on RELIANCE . If stock break the trend line we plan to short , downside levels marked in chart .
If you like...
NSE:RELIANCE
Observations:
1)On Daily Time frame: we can see that the retracement is over now and today it gave good bullish candle as a reversal. Now it will go continue it's bullish trend.
Please refer below chart : Daily time frame.
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Trade Setup for Date 17-09-2021:
1) Don't Jump in to trade at the beginning...
NSE:RELIANCE
Retracement is going on.
Now I can expect a dip/retracement till 2335 levels.
You can also refer my previous post on RELIANCE. Link is mentioned below.
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This is simple positional Trade Setup & Levels for RELIANCE for Short/Mid term holding of Equity shares.
Do comment your doubt or suggestion.
Reliance Industries is currently trading at the potential reversal zone (PRZ)/supply zone set by the XABCD Bearish Bat Pattern. In the past after reaching the supply zone, it got corrected until 0.618 Fibonacci retracementent of CD.
After a good correction, it is trading now near the supply zone. Since it touched the all-time highs, it never had closed above the...
NSE:RELIANCE
Trade Setup for Date 30-08-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) If it breaks the RSI trendline on 15min time frame and breaks the trendline on price chart then it will be quick...
NSE:RELIANCE
Observations:
1) Rounding bottom breakout perfectly worked. And gave good move in last two days.
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Trade Setup for Date 27-08-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it...
Reliance took a correction of nearly 10% from 15th June to 25th July, then made an up move. This correction completed the target of the bearish bat pattern(left side,
Moving to the current situation, the price is again at a decisive potential reversal point but being already beaten up, chances of fall are less if spoken logically. There could be a fall also, so...
NSE:RELIANCE
Observations:
1) On 1 hour time frame earlier it had made inverse head and shoulder pattern which we already covered in earlier post .
Now it has made rounding bottom pattern on 1hour time frame with neck/breakout line at level 2190.
Please refer Chart below: 1 hour time frame.
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Trade Setup for Date...
NSE:RELIANCE
Observations:
1) On 15min Time frame, it is trading in downward channel.
Please refer Chart below: 15 time frame.
2) On 1 Hour Time Frame, it is now back to its neckline after giving breakout of inverse head and shoulder.
As per theory it should now test this neckline and give bullish move upside.
Please refer Chart below: 1hour time...
NSE:RELIANCE
Observations:
1) On Daily Time Frame it looks like an inverse head and shoulder pattern. And closed at the neckline which is 2145 level range.
Please refer Chart below:
2) On Daliy time frame it has also closed above 50MA.
3) Next up level which has open interest addition is at 2160 call option. But an interesting thing is that for 2200...
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Here is the simple trade setup with levels and actions mentioned on the chart.
I hope it is easy to understand.
Do comment your doubt or suggestion.
All the best.
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RELIANCE is still having bearish trend. It couldn't break that trendline. Also took resistance below the critical zone mentioned on the chart.
For Intraday trader, you can play between the levels marked on the chart.
If some particular level break out then it will give a buy trade till next level on the up side. And it some particular level break...
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Today, it went totally down to it's critical support zone 2075-2080.
Good opportunity to short below 2070.
Target are mentioned on the chart.
Keep stop loss at 2088.
We discuss potential stocks provided by you guys only in my DMs and comment sections so give your stocks in comments and DM me for tomorrows video :)
👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are...
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Review
Today, 23-07-2021, Reliance opened with gap up to trap trader with bullish sentiment. And couldn't able to hold even above 2110 level.
But the good thing is, on daily chart it took support from trendline and also closed above 21DMA. This level above 2100 will be immediate support zone for RELIANCE. After that it has support zone at...
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Our buying trade will only initiate above 2127 as mentioned earlier.
Today it broke the trendline and also took support from it and also 21DMA has been broken today. But only thing to worry was average volume.
But it will only show good strength once it goes up 2127 level.
Comment below if you have any doubt.
Hope my ideas are helping you to...
![RELIANCE: Simple Trade Setup | RELIANCE | 17-09-2021 [INTRADAY]](https://s3.tradingview.com/c/cBRpc7Z4_mid.png "Simple Trade Setup | RELIANCE | 17-09-2021 [INTRADAY]")
