Post covid sessions are testing the lower circuit which support hits, movement towards decline over the period of time. Presently on the move from August to January pathway and next August its good way long term upside. Greens are target line up, purple box is good buying spot before earnings date. As well as Yellows are previous testing catalogs.
Finance sector has been moving pretty swiftly and the strong surge in this counter beyond its recent highs around 700 does spell for some strong continued trended action. The prices have been moving well especially after posting a strong Q1 in 2017. With the prices taking firm support at the Tenkan Sen we can look for the strong surge beyond previous high has been...
NSE:RELCAPITAL 1.55% Has been trending Downwards and had took the pull back for such an impulse move forming a bearish Flag ...now looking at those level where it pulled back their MUST need HUGE..HUGE Buying Power to Cross These 5 Resistances:
1. 20 EMA
2. 50 EMA
4. 38.2 Fib level
5. Formal Resistance
IF it Find Resistance Near those levels...
Reliance Capital has been trading in downtrend and has been start retracing before going further down, it seems to be approaching the widening wedge resistance around 480 in near term. traders may enter long 480.
It is been observed on Daily chart that the price action dropped down more than 20% from the highs of 580 levels, highly dominated by sellers. Now, I believe it has reached to a strong support levels where the big buyers shall be coming back in the market with a high demand that will take up the prices to the 23.6% Fib levels.
Risk Reward: 1:2
It is been observed that the price action forms a symmetrical triangle where the seller put their dominance and breaks to downside of the triangle. It is assumed that the price action shall further move down and reach to previous support levels.
It is been observed that the price action breaks out from a trending channel and then the selling seen at the double top that confirms selling and the price action shall move down to the previous resistance, now shall be acted as support.