Reliance Industries after breaking up trend traded in bearish trend and formed a falling wedge, it has made false break down side but closed within the range. It seems the stock is on the edge and can go either way, if breakout occurs upward it may target of around 1050.00 on the other side it may break further down side to a target of 931.00, Traders may wait and...
3 NOS OF ABCD EXTENSION PATTERNS ARE IN PROCESS WHOSE PRZ LIES UP TO 1102 Hence, a difficult zone to cross IF BREAKS OUT OF 1102, 1145 CAN BE A RESISTANCE TO OVERCOME. IF 1145 IS CROSSED, BUTTERFLY & EXTENDED DEEP CRAB PATTERNS WILL COME IN TO PLAY WHOSE PRZ IS BETWEEN 1220-1245. Many IFs. Keep a watch on all these levels before committing big in this sleeping giant
We have resistance zone in Reliance from 1067's to 1075's, and in the same area we have bearish gartley completion along with ABCD completion. As mentioned in chart itself, it just increases our confidence or to validate setup ( our direction of trade). But that wo't give assurance that it will be successful trade in Reliance. Happy Trading !
Its a Game between triple restest of support zone & Descending triangle. Whether this support holds & send price back up or descnding triangle breaksdown, let's wait n enter the trade in Reliance. Happy Trading !