Reliance has been giving positive signals on various parameters.
Buy for targets exceeding 1470-1495, keep 1430 as stop loss.
Options Open Interest positions are looking encouraging, futures' build-up suggest shorts covering.
Go long near closing price and keep a stop loss og 1430. 1460-1470-1495 can be expected in near future.
Double bottom pattern spotted in Reliance. Pattern is confirmed as price has broken above 1290. Pattern suggests a target of 1333.
However by further inspection we could find a series of considerable resistance at 1300, 1308 and a trendline which might prove to be very significant. Though trading purely based on the pattern would suggest to initiate longs, the...
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.
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Double Top pattern spotted in Reliance. At the time of posting the stock is trading at 1293, well below the neck level of 1308 and candle close will most likely confirm the pattern. Once there's a confirmation, the stock can be expected to fall towards 1250.
Intro : The bump and run is a pattern that is of explosive power in developing markets aiming at maturity. Reliance has just bumped onto and looks to start its run.
For those unfamiliar with this lesser known pattern, this looks like a inverted cup, preferrably on an ascending trendline support angled between 30-40 deg. This has been observed in cases of several...