It is been observed that the price action is trending down as it makes Lower High (LH) and Lower Lows (LL) sequence, indicating a down trend is continuation. Now, the price action breaks and close below crucial support levels of 1055 which indicates further move down to the next support levels at 1033-1030.
It is also to be noted that the price action is in...
Currently Reliance is trading near crucial level.
- If channel support is broken than it will be a good candidate to short.
- Potential Bearish Gartley or Butterfly 's D leg can be in the making. (B point was 0.618 of XA). If that be the case we can expect an upward journey above 1100. In the case of Bearish Butterfly it can go way up to touch the upward channel...
On Monthly Chart, Reliance Industries also could be in trouble unless the market proves me wrong & reliance starts moving above 1145- which is the key resistance level for me.
If reliance leaks downside, below 795 then selling pressure will increase- confirming that it was a B - wave triangle & it is heading down in a C - wave & likely to travel 61.8% of A-wave...
Just a guess- If the stock opens above the GAP Zone and sustains for first 30 min, then go Long.
And if it opens in the GAP Zone- wait for sometime and see where its moving.
If it opens below the Gap Zone then GO SHORT
Happy Trading.
Results look good, hence I am hoping we have a bullish day. Hence bias is Long
based on pattern and trendline support on monthly time frame reliance is set for investment buy with stop 940 cmp 1078 target 1500+ in next six to twelve month time frame
RELIANCE Looking Weak on chart because stock making 3 tops at high so company may drag from here till 1070-1060 upper range is 1130-50 only... not so much up movement seen in reliance upper result...
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.
Target:1140
Stoploss: 1040
