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Reliancepower

Comprehensive Analysis of Reliance Power Limited (RPOWER)Overview: Reliance Power Limited (RPOWER) has recently exhibited significant price action, forming a cup and handle chart pattern, which typically signifies a substantial bullish trend. Coupled with strong volume and positive indicators across multiple timeframes, the stock presents a compelling opportunity for investors. Cup and Handle Pattern: The cup and handle pattern on RPOWER's chart has matured over a span of more than 5 years, indicating a long-term bullish setup. A breakout from this pattern occurred recently, accompanied by substantial trading volumes, signaling strong buying interest. Elliott Wave Analysis: Elliott wave analysis suggests that the stock is potentially entering the 3rd wave of the 3rd wave, implying a powerful bullish move. This wave analysis further supports the bullish bias observed in the cup and handle pattern. Technical Indicators: Volume Confirmation: The retracement following the breakout maintained higher lows, with the cumulative volume of 10 candles lower than that of the breakout candle, indicating sustained buying pressure. Bollinger Bands: RPOWER is challenging the upper Bollinger Band on both daily and weekly timeframes, suggesting strong upward momentum. Trend Indicators: Positive crossovers on trend indicators across multiple timeframes signal a bullish trend. RSI and ADX: RSI supports the bullish bias, and ADX indicates increasing strength in the uptrend, with +DI confirming a bullish trend. Trade Strategy: Entry Points: Consider initiating long positions at current levels or on pullbacks, with potential entry points around the upper bands of the cup and handle pattern. Invalidation Level: Set the invalidation level below the last swing low, providing a clear risk management strategy. Price Targets: Upside price targets based on the cup and handle pattern suggest levels of 49+, 73+, and 99+ for Long Terms. Risk Management: Emphasize the importance of risk management techniques, including stop-loss orders and position sizing, to mitigate potential losses. Conclusion: Reliance Power Limited (RPOWER) exhibits a strong bullish setup, characterized by the cup and handle pattern, supported by volume analysis, Elliott wave analysis, and positive technical indicators across multiple timeframes. However, investors should conduct their own research and exercise caution, adhering to risk management principles. This analysis is for educational purposes only and does not constitute financial advice or trading recommendations. Disclaimer: This study is shared for educational purposes only and should not be construed as investment advice or trading tips. Investors should perform their own analysis and consult with financial professionals before making investment decisions. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:RPOWERLong
by RK_Chaarts
2
Reliance Power - Is it a multibagger.. After the first impulse move the corrective wave of ABC corrected to 0.618 levels and had given a good reversal candle in the weekly chart. Next week should get the confirmation of the reversal. if the correction is over then its going to be the start of the 3rd wave, the sweet spot to be in, with a target of around 50. All details indicated in the chart. This is just my view based on simple Elliot Wave principles... for education and documentation purpose.
NSE:RPOWERLong
by sabu_m
2
Decision time for RPOWERI think, RPOWER has been doing a large WXYXZ since ATH. I could be very well wrong though. Its just my opinion. Found a nice complex corrective structure throughout the movement. Ofc, you can also find an impulsive one , downwards which would then mean mayhem! But i'm not too confident with that. Also, if you look at the big descending wedge, you can see that it already broke out. Although the breakout doesn't look that strong enough to carry the momentum too far but it'll be crucial to watch if it gives a successful throwback to this wedge. That small wedge inside the bigger one makes it a little bullish. If the the throwback test to the wedge resistance turned support fails, that would indicate the posssibility of a potential move towards INR 20, long term. I'm expecting a sideways breakout to this wedge giving a smaller B to the larger Z of WXYXZ, and down for a last leg down to complete the large Z. My potential target for this B is around INR 34-35 level. If this levels breaks with a strong volume then it can also skip this last C before moving up to next potential resistance level and that would be around INR 46-48 level, IMO. That would be very bullish. All of this is just possibilities though and anything is possible. Trade smartly and REMEMBER, this is not a financial advice.
NSE:RPOWER
by XtinCt