Volume vs. Price Action:
Points to be focus on:
Gap (run away type)
Invalid Doji (from the left to right Doji is invalid because of low volume compare to previous candle)
sequence of tails (sign of existence negativeness)
Interruption began to push price upward.
Red Alert : sellers will take action on the Red Alert zone 1542 to 1490, and price...
INTRADAY TRADE IN RELIANCE
!!please note trade with caution!!
!!manage your risk!!
!!please adjust for future rates!!
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Reliance ind looking bearish.
1. Double top and it may create another top including that top it will be triple top then.
2. Bearish divergence on the Money follow.
3. There's a possibility retracement at 1370 before moving up.
3. There's a strong demand zone at 1259.
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.
overall stock now in a bear grip , but looking at risk reward on trade side
a pullback can be expected
thus will trade in two way
if it comes at 1370/80 zone will short
or if comes at 1290/1300 will accumulate with stop mentioned
Head & Shoulder pattern observed in Reliance. However the pattern is yet to be confirmed. So, take bearish view only if neck level of H&S fails to hold as support.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and...
Guys RELIANCE retest for previous High... keep watch and stay tuned for further updates
The information contained in this presentation is solely for educational purposes. Does do not constitute investment advice. I may or I may not take the trade.
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