Reliance Infra - 300 in sightWave 3 in progress after a rounded bottom. Wave 2 of Wave 3 completed with the C wave forming an ending diagonal. Wave 3 of 3 in progress so expecting a rapid impulse move up ...
All details mentioned in chart... This is my personal view based on technical analysis for learning and documentation purpose.
Relianceinfra
Levels for - 14 Oct 2021EXPLANATION : This is a 15 min time frame chart of RELIANCE . It has taking trendline support , If give a strong breakdown and broke its trendline & Demand zone with high volumes and retest the same , I am bearish on RELIANCE . If support is taken from trendline & give a strong breakout and broke its Supply zone with high volumes and retest the same , I am bullish on RELIANCE . The level will be 2750 .
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Reliance InfraScript - Reliance Infra
CMP - 39.70
Resistance - 43
Daily Charts
Current pattern (if any) - Higher top and higher bottom / bullish
Candlestick Trend / Pattern - BE
DMA - Bullish
MACD - Bullish
RSI - Bullish
Divergence - NA
Hourly Charts
Current pattern (if any) - Bulish Reversal in an uptrend
Candlestick Trend / Pattern - Green reversal candle followed by a confirmation candle (in progress)
DMA - Neutral / bearish reversal
MACD - Neutral / bearish reversal
RSI - Bullish
Divergence - NA
Intraday Charts
Current pattern (if any) - Double bottom or Rounded bottom / bullish
Candlestick Trend / Pattern - Green reversal followed by confirmation candle (complete)
DMA - Bullish reversal
MACD - Bearish / can see a reversal
RSI - Neutral
Divergence - NA
Final View - Buy for short term
Reliance Stock will start falling again from 1330-1350Reliance stock price will probably reach 1330 area where it will face technical resistance of the 100D EMA and Upper TL of the structure.
Also, keep in mind that the market hasn't bottomed out yet. Once the economic shock from the COVID-19 Pandemic comes into the light, the stocks will start dropping once again.