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Relianceindustries

reliance break or back from 2300 ???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 with 2150\2000. *hammer from base strong indication for trend will be change negative to positive. tgt will set from support to resistance. also known as trend reversal setup ============================================================== if 2200 break than wait for other one red candle follow with 2150\2000. *education purpose only plz confirm their financial advisor before buy =thanks=
NSE:RELIANCE
by sharemarketgain
Strong Support reached - 20% Bounce coming?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 weekly and MACD slowly turning bullish as well. It will be interesting to see if RIL slowly traces its way back to 2750 levels and that would be a 20% move from current levels. Not an investment reco, just for research purpose. Thanks for reading :)
NSE:RELIANCELong
by Aayush_Rungta
RELIANCE: Head and Shoulders BreakoutTHEORY: This pattern forms after an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. The left shoulder is formed after a big bull rally in which the volumes are quite large. At the end of the left shoulder, a minor correction takes place on the downside which happens on the low volumes comparatively the starting of the left shoulder. After this, again an up move can be seen on large volumes forming a head whose top is above the left shoulder following a correction on lower volumes & completing the head. The completion of the head must be below the top of the left shoulder. If the prices fall down below the low of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies. Now if you connect the bottoms of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing below the line, this will be the confirmation of the breakdown of the H&S pattern. However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern. After retesting if the prices again come down this will be the final confirmation of the downside movement of the price as shown below. The bookish target of this pattern is taken as the vertical price range from the top of the head to the neckline & the bookish Stop loss should be the top of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range above the neckline. May 29 TRADING STRATEGY: GO SHORT WITH SL OF 2590 & LOOK FOR THE TARGET OF 2460/1365 IN THE COMING WEEKS. NOTE: IF THE STOCK BREAKS THE RESISTANCE OF 2632 THEN IT WILL BE A H&S FAILURE PATTERN, WHICH WILL CALL A BULLISH ALTERNATE SCENARIO.
NSE:RELIANCEShort
by TradingSutra
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