Reliance industry bullish setup with trend reversal.swing tradin1.double bottom formed.
2.at bottom buying Seen today.
3.consider As trend reversal
5.stoploss 2295.
Target more than 12%.
Time frame -target or stop-loss.
RELIANCEPP trade ideas
Reliance double bottom. Short term swing tradeReliance has formed the double bottom formation.
Consider it as trend reversal.now one can initiate swing trading with stop-loss 2295 on closing basis.
Target is sell on rise at every 5% gain with 20%, of holding.
Rsi has in oversold zone,giving an opportunity for long-term accumulation.
Reliance RSI Bearish DivergencePrice is making lower lows while the RSI is making lower highs which is clear sign of RSI Bearish Divergence.
Entry
We can enter in long trade after breakout above resistance zone with strong bullish candle.
Stoploss
Below the resistance zone.
Target
Target will be the next resistance zone.
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Strong Support reached - 20% Bounce coming?Reliance has been trading in the range of 2250 and 2750 for a while now and has finally reached the price support region again.
The formation of recent Doji in the market further confirm the indecisiveness in the market after the recent down move.
A morning star pattern or a piercing pattern might further improve our confidence, with RSI bottoming out at 30 in weekly and MACD slowly turning bullish as well.
It will be interesting to see if RIL slowly traces its way back to 2750 levels and that would be a 20% move from current levels.
Not an investment reco, just for research purpose.
Thanks for reading :)
Reliance Ready for the Bullish RunReliance has corrected to a good level. The stock is showing very bullish divergence signal.
Holding it for 2750 is a sensible option.
Reliance is trading around last low, which makes it more attractive.
Intraday trade Reliance positive news. Stock is trading near strong support zone.
Long position - >
Entry - ( 2216 ,2225 )
Sl - ( 2210 ,2215 ) respectively
Target - 2240
Don't miss out on RelianceNSE:RELIANCE
I believe there is a very high chance that Reliance will break this trendline this time.
Reliance has been following this trend line Since JAN 2021 and till then it has been tested 2 times
April 2021
Sep 2022
and this is the third time
Jan 2023
Demand on trendline has been reduced significantly.
So the Break of the trendline can happen and bears Can take full control.
and and the price is trading below POC too.
It's just for educational purpose, and not intended to trade until the Breakdown happens.
ReliancePrice is at double bottom support. Buy above 2310 with the stop loss of 2280 for the targets 2340, 2380, 2420 and 2460. Sell below 2260 with the stop loss of 2290 for the targets 2220, 2180 and 2140. Trend strength will decide whether it is a pull back or reversal. This trend line should be broken with volume.
Reliance - Swing TradeTechnicals :
- BB outside inside on daily
- W pattern on D
- Spinning top with high volumes on Weekly
- Weekly at RSI 40 Support
Trade setup :
Entry : 2350
SL : 2290 (60pts)
Target : 2470 (120pts)
R/R : 1:2
Reliance (weekly)Reliance (weekly)
Prices are at near support
Disclaimer- We are not SEBI registered advisor.
Charts and views are only for educational purpose.
Reliance SellNSE:RELIANCE Monthly chart showing head and shoulder on top. Macd and rsi showing negative impact on price in short term.
RelianceIt has broken the channel in down side but there is horizontal support near 2300 level. Horizontal supports are more powerful than trendline supports and it is round number also so I am in opinion that 2300 level will be hold and good upside in one year time frame can be captured from here. SL is comparatively very much less here compare to huge upside in long run. Not at all short term trade idea. Here some good amount of money can be made if things go in right direction else take small SL and sit quite.
Reliance industries LongBullish pattern formed in daily chart.
In Intraday chart many time to fakeout but it's not sustainable.
Today also noticable buying pressure 3-feb-2023.
If shortcovring is started then reliance easy touch 2500.
Reliance Ind 2hrReliance Ind 2 hr time frame..
if Reliance Ind break level 2300.. it will go down side..
target
1st - 2280
2nd - 2295
keep add this stock in your watchlist...
Reliance consolidating break out tradeReliance consolidating which ever side break out happens expecting good movement that way .
2360 above buy stop loss 10 points targets 2370,2385 2400
2350 below sell stop loss 10 points targets 2340,2325,2300
Has Reliance Started New Impulse of Down TradeReliance has a impulse on downside which can drag Nifty marked Elliott Wave Counts which indicates we have started Wave 3 on downside.
Reliance chart analysis. you can see the chart many time price tried to break the resistance zone, but could not sustain, at the moment, price is rotating in a zone a big volume can sustain this price above the resistance zone. before budget can not be possible. at the moment. we can see that price is moving towards support zone.
best of luck, happy trading.
Reliance - Strong support, expected budget rally in itBudget Pick 1: King Reliance
Fundamentals : Very Strong, Market Leader, YOY Sales and Profits growth, QoQ Sales growth, DII stakes increased, increased Reserves Vs decreased Debt.
Technicals : Corrected, On Strong Trendline Support. Attractive RR!
R1: 2540
R2: 2680
R3: 2850
SL: 2150
RELIANCE: Head and Shoulders BreakoutTHEORY:
This pattern forms after an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. The left shoulder is formed after a big bull rally in which the volumes are quite large.
At the end of the left shoulder, a minor correction takes place on the downside which happens on the low volumes comparatively the starting of the left shoulder. After this, again an up move can be seen on large volumes forming a head whose top is above the left shoulder following a correction on lower volumes & completing the head.
The completion of the head must be below the top of the left shoulder. If the prices fall down below the low of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies.
Now if you connect the bottoms of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing below the line, this will be the confirmation of the breakdown of the H&S pattern.
However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern.
After retesting if the prices again come down this will be the final confirmation of the downside movement of the price as shown below.
The bookish target of this pattern is taken as the vertical price range from the top of the head to the neckline & the bookish Stop loss should be the top of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range above the neckline.
May 29
TRADING STRATEGY: GO SHORT WITH SL OF 2590 & LOOK FOR THE TARGET OF 2460/1365 IN THE COMING WEEKS.
NOTE: IF THE STOCK BREAKS THE RESISTANCE OF 2632 THEN IT WILL BE A H&S FAILURE PATTERN, WHICH WILL CALL A BULLISH ALTERNATE SCENARIO.
reliance day and weektrying to give daily and weekly range of reliance
it is very difficult to give direction in such fall
reliance monthly levelsit seems reliance reached a support level
for me market is all about patterns and we know without ratios there is no pattern
