Reliance Industries has been in a uptrend for a very long time. The stock has been consolidating at a strong support zone for more than a month and is now broken.
However, its important to confirm support on the broken side of the triangle and then enjoy the LONG ride!
RIL has given a breakout above 1329, faced resistance at 1388 and came down. Now it's moving upwards again and ADX is above 27 which is a bullish sign. One can buy at current levels or above 1388 with a stop at 1311.
After a good rally in RIL, it getting high price rejection from overbought levels. We can 50 % of its upmove as a retracement.
Target should be somewhere 1300. BSE:RELIANCE[/shttps://www.tradingview.com/x/3nb6Zg07/ymbol]
Everything is marked on the chart-- Swing points, trend lines can be used for trading along with some momentum indicators.
Try to lookout for confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal.
Invest your capital at your own risk.
These days, I'm able to spot such patterns. Call it Flag / Triangle etc.
But after the trend line breaks with a considerably big candle, it goes flying and hits the target ( basically a strong resistance from the past )
I'm sure these type of patterns already existed even before I was born, I am probably noticing it now.
My idea about reliance on monday .
After a big impluse wave its clealy making a bullish flag.
i am bullish but you can DYOR(Do Your Own Research) .
on the chart green and red lines showing the buy and sell zones.
lets see what happens.
TARGET ABOVE GREEN LINE -1310
TARGET BELOW GREEN LINE -1250
Nifty is making a clear head and shoulder pattern on weekly .
And also made shooting star candle on daily following a red candle of today you can short nifty at this level.
My targets for month end will be
TARGET 1 -10760
TARGET 2- 10580
TARGET 3- 10200