RELIANCE is roaming in a range, basically, it's trading in supply demand format. Now it again came on its important support level. And from here, There are only 2 possibilities. If it again takes support, One can wo long and if it breaks the support ,go short.
Today, 23-07-2021, Reliance opened with gap up to trap trader with bullish sentiment. And couldn't able to hold even above 2110 level.
But the good thing is, on daily chart it took support from trendline and also closed above 21DMA. This level above 2100 will be immediate support zone for RELIANCE. After that it has support zone at...
Reliance spot cmp 2105
counter have formation of falling contracting wedge ,, where the breakout and retest is done,, currently counter is trading in symmetrical triangle formation,, break out of which would lead to good up move,,
Rsi and MACD giving early indication with bullish divergence
MAcd positive Crossover,,
Good long criteria buildupp,,
TREND ANALYSIS & TRADE SETUP !
WAVE ANALYSIS !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for ENTRY CONFIRMATION !
Risk:Reward: 20-25 times.
The stock is trading near the support line and it took support from the 2080-2060 zone multiple times.
If it again takes the support we may see higher targets marked on the chart, breaking down the support zone would open possibilities for lower levels.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team
CMP-2055 (add near 1950-2000)
SL- 1899 (closing)
- Reliance moving in an trending uptrend and is consolidating in an symmetrical triangle pattern
- Confluence of lower trendline and 50EMA in W
- In D, immediate support and 200EMA confluence
- Dried up volume inside the triangle
- RSI chart also making symmetrical pattern and is near support area
Reliance gave a good opportunity to short below 2070 level and hit our first target at 2055.
Trade Setup for 28-07-2021.
Today at the end of the day closed in the rage of our first target on short side 2055. Now this level will work as our entry level for short side.
If it takes the resistance from this level and then our next target for the...
Our buying trade will only initiate above 2127 as mentioned earlier.
Today it broke the trendline and also took support from it and also 21DMA has been broken today. But only thing to worry was average volume.
But it will only show good strength once it goes up 2127 level.
Comment below if you have any doubt.
Hope my ideas are helping you to...
Hello guys i had find this setup in 30m timeframe which made continuation pattern and we have a good selling opportunity with above sl and below 1:2 tg also plzz do your own analysis before taking any trading decision on my chart if you like my trading setup plzz like share and follow thank you