Reliance - SHORTRecommendation based on Indicators.
Trade:
Short below - 1052
Target 1 - 1048
Target 2 - 1041
Stop Loss - 1060
Reward Points - 11
Risk Points - 8
Ril
Cup formation on Reliance - LONGTechnical Analysis:
EMA 5/20 bullish crossover and EMA 50 lying below the price.
Stochastic on bullish but lying in overbought level and may take some correction.
MACD on bullish and histogram on above the level '0'.
RSI above 50.
Trade:
Buy above - 1042
Target 1 - 1049
Target 2 - 1058
Stop Loss - 1033
Reward Points - 16
Risk Points - 9
Triangle formation on Reliance - NeutralTriangle formation on Reliance. in this triangle price will break any side, either long or short.
hurdles for Long - EMA 50 acting as resistance and MACD, STO and RSI all showing bearish trend.
Anyway keep until the buy or sell initiate the level.
Trade Idea:
Long
Buy above - 1000
Target 1 - 1006.50
Target 2 - 1012
Target 1 points gain - 6.5
Target 2 points gain - 12 (Total)
Short
Short below - 979
Target 1 - 973
Target 2 - 966
Target 1 points gain - 6
Target 2 points gain - 13 (Total)
