Wave 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.
EXPLANATION : 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...
Wait till it crosses 53.65, and if still follows the median of the pitchfork; A good Shot.
This is only for Educational Purpose, I myself am a learner
This post contains my thoughts to particular (RELINFRA) and will be no responsible for any kind of losses.
Reliance 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.