Double Top has been formed on daily chart and Reliance looks good to sell if sustains below 2360 for the Target of 2000 - 1920.
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InvestPro India Team
Take the long position on reliance industries within period of 2-3 months, reliance can reach a new high of 3300.
Disclaimer: I am not SEBI registered analyst
some observations on Reliance:
1. Reliance got a close (2,408) below all key Key moving averages
65DMA
100DMA
200DMA
233DMA
2. Moreover, a prominent Harmonic pattern's "B" stands at 2,426. If prices start traveling below this, we have deeper short targets till 1900.
3. Weekly Swing high being 2,626
4. Reliance has given 4th consecutive close in Red. (Can...
RELIANCE at present time formed a wide bullish diversion where price is up but at the same time RSI is less than then the previous RSI
as mention on the chart bullish wide diversion is formed between important candle 1 and 2
rest of the details are mentioned on the chart notes
After a news based fall, stock broke & closed below the long standing Weekly Support Line. News based falls don't last much and next support of 2300-2330 is near, that may hold. Problem only if it breaks, then we may see another 200-250 Points fall.
On daily candle we can see Bullish Harami candle.
Unfilled Gap we can see @ 2701
Symmetric triangle we can see.
I will add more Qnty once it cross @2594.35
Reliance is trading near yellow support line, it has taken support from these levels in the recent past. Let's see if it breaks this time or takes a bounce.
Both side levels are marked on the chart with white lines.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Reliance chart has been analyzed as per Elliott Wave Theory . Here what we can see is NSE:RELIANCE is going to make a fall in the higher time frame.
Any query is welcome.
On the weekly time frame the stock is trading within raising wedge pattern and as long as the pattern is holding it will keep bouncing from lower support.
Breaking below the lower support line will trigger selling and 8 to 10% correction is possible in the stock.
Here is my view on RELIANCE INDS
3 downside GAPS were pending, so no long view we will only short when we have best opportunity untill we will wait.
Conditions applied:
If 2730 taken out then we can initiate position till 2674 & if that taken out then 2638 & so on.
All the findings are as shown on the chart.
Let me know in the comments section if there is anything that you see differently.
This is my view and for educational purpose only.
