Taking a good amount of support. Movement has been really less from past few weeks with diminishing volume. And these are technically reversal signals. So going long on this stock with a suitable SL is not at all a bad option or foolishness just because we have a bearishness perception regarding the markets.
Take the trade, its okay if SL gets triggered, you would...
so many supply zones and demand zones inside supply zones...
unique in many respects....
the new announcement from management makes it better as value unlocking would happen...
short term 2300 is writing on the wall....
FOR EDUCATIONAL PURPOSE ONLY
Buy Reliance after the BO of the area above the level 2085 for the first target of 2170 & 2nd target 2290 with the SL of 2020. Once stock touch the level of 2170 try to shift SL. This is for your educational purpose only.
Reliance looking weak on daily. It has broke down long supportive trend line. Now 1800 is a very key level to watch for. As per fibo and previous supports, 1700 is first weak support and 1600 is a strong support. For RIL become strong, it need to break 2015 level - keep on radar
Major moving averages and Ichimoku sens are placed too close within 1945-1975 range.
Expect a big price move soon, the move should probably be on the upside.
1906 can be used as the stop-loss for long positions.
After a long consolidation Reliance may jump up to reclaim its lost glory.
A good portfolio buy at all price levels, traders should wait fot it to exceed and sustain above 2014.
Important levels are mentioned on chart.
Reliance formed a symmetrical triangle in the higher time frame. In the long term, the stock has consolidated a lot and there Are good chances we can see some big moves.
Buy above - 2050 - Target - 2180 , 2280 , 2300+
Sell Below - 1930, Target - 1830 (This is short term selling, that's why I haven't mentioned "Sell" in the chart)
This analysis is done only...
Reliance Industries price rebounding from cloud bottom on Ichimoku cloud.
Chikou span is free for downfall.
I'll suggest entering with December series PE.
Note - I have position of only 1 lot 1900 PE December series while posting material. I'll exit if trade doesn't end up profitable by Friday EOD.
Material is solely for educational purposes, assess your risk...