Symmetrical Triangle in RelianceReliance Industries has formed a Symmetrical Triangle on Daily Chart.
Though its a continuation pattern, and the current short term trend is down in RIL
it is expected to give a downside breakout to continue to trend.
However, since anything may happen in the market, it's better to wait for Breakout on either side of the pattern.
Relianceindustries
Reliance Formed "Symmetrical Triangle"Reliance formed a symmetrical triangle in the higher time frame. In the long term, the stock has consolidated a lot and there Are good chances we can see some big moves.
Buy above - 2050 - Target - 2180 , 2280 , 2300+
Sell Below - 1930, Target - 1830 (This is short term selling, that's why I haven't mentioned "Sell" in the chart)
This analysis is done only for educational & intelligence purposes, invest or trade at your own risk.
Will Reliance retests 1600 levels?As the markets are making new highs, Reliance is still struggling to position itself. In fact, it is breaking down. Previously Reliance has shown reversal near 1800 and again it's trading near that level, do this time it will reverse or will retest 1600?
This analysis is done only for educational & intelligence purposes, invest or trade at your own risk
#Reliance has potential to move upElliot wave seems to be bullish, short term investors and positional traders can find a good entry around 1900 or above 2045.
It's better to get confirmation around 1900/1940.
Targets could be Fibonacci levels mentioned above. Plan your trades accordingly.
Link below for the previous idea.
Regards