TRIANGLE BREAKOUT IS EXPECTED IN RELIANCE CAPITAL. BUY AT 665 FOR TARGET OF 670, 675.
THE STOCK IS VOLATILE IN NATURE AND GENERALLY FOLLOWS THE DIRECTION OF NIFTY SO BUY WHEN YOU ARE CLEAR ABOUT NIFTY DIRECTION, OVERALL NIFTY IS EXPECTED TO TOUCH 9670 AND FURTHER TO ITS PREVIOUS HIGH OF 9700.
HAPPY TRADING
Stock witnessed a sharp fall from the top (700) to 38.6 % Fib Level (543) and then Bounced back to 23.1 % Fib Level (600)
One can go long in the stock at 600 with Stop loss of Latest Swing low (582) with a target of 690.
Rel Cap
CMP 600.25
The stock has seen a nice bounce from the lows of 523 to 605 so far
How ever We can also observe a Flag & Pole pattern
& this is a conitnuation pattern where
Weakness might come in if it goes below 584
Also from charts one can observe that 600-622 is an important zone to watch out for as it might act as resistance
Target zone in that...
NSE:RELCAPITAL 1.55% Has been trending Downwards and had took the pull back for such an impulse move forming a bearish Flag ...now looking at those level where it pulled back their MUST need HUGE..HUGE Buying Power to Cross These 5 Resistances:
1. 20 EMA
2. 50 EMA
3. Trendlines
4. 38.2 Fib level
5. Formal Resistance
IF it Find Resistance Near those levels...
Price action is consolidating inside a triangle indicating triangle break. Buy above 556 with the stoploss of 552. Targets are 561, 565 and 570. Sell below 552 with the stoploss of 555. Targets are 549, 545 and 540. Intraday calls depend on the market opening. Analyse and follow your trading plan always. This trade is valid for June 1st 2017 only.
after all the fall from 620 lvl's, if closes just above the bollinger bands lower end, and tomorrow if any positive candle during opening should be a good long
