stock form declining channel, near lower support zone forming double bottom
RELIANCE has formed head and shoulders top pattern on the weekly chart. The stock is hovering at the trendline, as bulls got rejected this week. A breakdown from here can take the stock all the way to 200WMA of 2000 and perhaps subsequently toward 1830 support zone . Keep an eye!
Reliance Make or Break Zone 2280 Reliance at very important support, if takes support around 2280 ready to fly again.
Half Bullish bat pattern formed in the previous swing. The demand zone is around 0.618 retracement zone (golden ratio)—prospective targets 0.5 and 0.618 retracement zones. Also, there is a trendline it is respecting as a resistance.
2300 is major support. strong hammer near support indicated buyers want to push hard upside trend could be change to positive side. this above term will satisfy,if 2350 above green candle should formed we can easily check with tgt -2400\2600\2760 ============================================================== if 2200 break than wait for other one red candle follow...
Sharp rejection from a retracement of 0.382 of the previous swing. It tested the trendline multiple times. Currently in the demand zone, if that is broken, we can see more downside—targets in the chart.
Reliance has been respecting the downward sloping trend line . Ideally it should go towards 2290 to grab the liquidity over there & re-test the trend line again. if the re-test fails to break the trend line then we can see a sharp 100 point drop towards the next liquidity point. P.S: this view is negated if Reliance breaks the downward sloping trend line .
Stock is rising in an impulsive manner on the lower degree time frame and is likely to form a five wave structure on the higher degree time frame which will be a base building for the next higher level. The current structure suggests that stock has already concluded its 3rd wave and currently retracing back in a wave-4 which is likely to conclude in the region of...
Reliance is taking support from it previous resistance level of 2300. It is into consolidation from almost 4 months. We can see a good reversal from here. Weak below 2293 , Next Resistance 2500/2700
As per my analysis, Reliance reaches 2420 as per 2 hours chart. As per Daily chart,, if the value breaks 2300, then we can expect down trend upto 1800.
This is possible forcasting and not a confirmed trade On a daily chart a bullish diamond formation is forming and yesterday an inverted candle has formed on charts indicating possible reversal. If this continues uptrend then 2558 target is possible in coming few weeks. SL is 2290 on closing basis.
Reliance is consolidating near it's previous demand zone @ 2300 - 2250 and looking a good buy for a bounce. To motivate us, Please like the idea If you agree with the analysis. Happy Trading! InvestPro India Team
Reliance Industries stand at very crucial points. Good Consolidation seen. If Breakdown comes we can see good downside.
Reliance has been trading in the range of 2250 and 2750 for a while now and has finally reached the price support region again. The formation of recent Doji in the market further confirm the indecisiveness in the market after the recent down move. A morning star pattern or a piercing pattern might further improve our confidence, with RSI bottoming out at 30 in...
Reliance has corrected to a good level. The stock is showing very bullish divergence signal. Holding it for 2750 is a sensible option. Reliance is trading around last low, which makes it more attractive.
Buy Reliance Feb future if comes over 2327 for a good R:R Levels of buy and SL are on the chart Buy will only get active when in green