Lets have a look at Reliance Industries Daily chart and you can see the base formation on Reliance Chart between 1850 - 1900 levels. Last to last week we have updated Reliance Trade Set Emerging and suggested buying zone between 1900-1950 levels with a stop loss at 1878. Now its follow up update and we can see Reliance Industries 2206-2374 and once break above...
Increase in Oil prices coupled with the breakout on the chart is a good confluence.
Retest has been done nicely.
Reliance was holding up the market on last trading session.
Can expect this to continue for a few more trading sessions (2-3 trading sessions)
Use Halftrend for trailing stoploss. NSE:RELIANCE
Note: This is for educational purpose only and do not trade in F&O.
There seems to be a hammer at previous support zone which also coincides with 200 moving average. There seems to be a convergence in price and momentum (RSI).
Reliance is looking positive after completion of a corrective wave at 1855.
Now breaking above wedge line will leads to given targets in coming days.
wait for breakout above upper wedge line OR if closes above 2000.
- Wait for breakout
- Closing below lower wedge line will be SL.
RELIANCE BUY ABOVE 2010-2015
TARGET: 2032, 2058, 2074. 2093, 2114, 2126
Buy range and SL are on Closing Basis
Posting for Educational purpose only
Closing Basis means stock need to trade above 2010 - 2015 between 3:20 ~ 3.30 PM
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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,...