Reliance Industries Analysis! Trend Reversal??Reliance Industries Daily Analysis!
Inverted Head and Shoulder Pattern Formation in Reliance Industries on Daily Timeframe!
Does trend reversal will happen?
Does the clear downtrend will be converted into Uptrend?
NIFTY also forming the same pattern please look Nifty Analysis also by clicking on the below link!
As we know the Inverted Head and Shoulder Pattern is a Reversal Pattern and it detected after a Downtrend. After that we have seen a positive move in Reliance Industries. In last 4 trading sessions Reliance Industries gives a breakout to the Neckline and trading above it but in the last trading session we can see the selling pressure was high. So Reliance Industries couldn't break the key level which is 2462.85 which is the Resistance level also. So we are waiting for Reliance Industries to break the key level Then only it will be a decent Entry.
Trade Initiation =
Entry = Above 2462.85
Target = 1) 2488.40 2) 2593.15 3)2700
Stop Loss = Below 2404.50
Rest of the Analysis you will find on the chart. I have done all the possible Analysis on the chart which took lots of time. If you like this Analysis please support this Analysis.
I hope you will lean something about Technical Analysis from this chart.
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Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4)Don't trade with full capital
