We can observe Stoploss hunt behavior and pattern fake breakout, potential long opportunity above 2650 lvels.
We can look for longs in Reliance if 1hr candle closes above 2650 with good volume,
short term targets should be 2750/2800 levels with recent swing low as stoploss.
--Educational purpose only.
RELIANCE near the trend line.
There can be an entry for Intra-day traders for both long and short position.
For Swing traders, wait for the price action to be formed. Buy calls if you find a green candle breaking the trend line. First target can be 2672 ~ for swing traders and the second target can be ~2800 if the market sustains the momentum.
Reliance Industries (RIL) had to defend the level 2368 as below it will be a downtrend as it a heavyweight so lot depends on it to drive Nifty to the
Chart self explanatory
However if you get any chance to grab it around 2150-2170 .Please grab it both hands as the reversal will quick and fast.
Time Frame :...
breaking the resistance line - expecting RIL to go up from current level
target and stop based on comfort
personally, would wait for neckline break to enter
2540 level to watch here
patter formation - cup formation
disclaimer - trade @ own risk
Price & Volume relationship
Daily & Weekly: Both volumes support price decline.
The RED trendline is deciding factor for reliance.
If that breaks than we will see a further downfall.
Reliance Power Ltd (RPOL) @ 153 Million Volume yesterday strong break out with momentum.
NEWS: Reliance Power to raise up to Rs 1200 crore via debt route from Varde Partners
Strong breakout with volume break out and momentum created in day chart.
Reliance power breakout for long. so strong upside are coming. BUY above 23.30
NEXT TARGET 25.20, 28.35 . Time to go...