Reliance set for fresh RallyI am not too optimistic about Reliance in short term, however, I feel that Reliance has made 1-2-1-2 structure, and all set for a fresh rally starting Thursday. It should be a quick rally to cover about 200 points or 5-6 percent, before the budget, post which it should enter sideways zone..
Hourly Chart can show that its resting on 78% retracement, and a clear AbC wave.
Targets -
3275
3350
3450
RLI trade ideas
RELIANCE 8Hr TF! ** Shares of Reliance Industries
RELIANCE1!
down 2.2% at 3,037 rupees; among top losers in Nifty 50 index
NIFTY
which is down 0.7%
** Co reported first-quarter profit below estimates on Friday, hurt by weak performance at energy and retail segments
** Oil to Chemicals (O2C) earnings in FY25 seen muted considering weaker Q1 and uncertain margin environment over rest of year, ICICI Securities said in a note!
Symmetrical Triangle Pattern breakdown in RELIANCERELIANCE INDUSTRIES LTD
Key highlights: 💡⚡
✅On 1 Hour Time Frame Stock Showing Breakdown of Symmetrical Triangle Pattern .
✅Strong bearish Candlestick Form on this timeframe.
✅It can give movement up to the Breakdown target of 3064-.
✅Can Go short in this stock by placing a stop loss above 3196+.
#RELIANCE BREAKDOWN 15/07/2024RELIANCE as we expected. still intact on the upside view of a continuous bullish uptrend rally. there are vari some break even point target levels at 3210,3250 or 3300 may be touching the highest level before The Union Budget on 22 July 2024. Be aware of the market crash, And trade with risk 1:2,1:3,1:4,5,6........ profit always be on your side.
Reliance : Mota Bhai may be coming into action Reliance on weekly charts have made a very good price action, with a morning star formation on weekly charts and demand & supply confluence zone. Also the pattern has formed at an important support trendline which has historically in past acted as resistance before Covid, after that once it broke out of it, this trendline has acted as support in past few times.
Reliance may provide a thrust to Nifty (what I also believe that it is getting ready to fly) ; what it has been missing since last 10 weeks after making a ATH in Dec 2022.
RELIANCE - Sitting at Crucial levels!Overview & Observation:
1. Price is sustaining around the upper channel.
2. RR not favourable
3. If the price holds around current levels, a long position can be planned.
4. Wait for confirmation of a healthy breakout and candle formation.
W TF:
Trade Plan:
Entry Point: Post-breakout confirmation around 3000.
Stop Loss: 7-8%
Target: 10-12%
- Stay tuned for further insights, updates and trade safely!
- If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading!
Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing.
Thanks & Regards,
Anubrata Ray
Short Term Trading Opportunity in Reliance Ind or >7% upsideHi,
NSE:RELIANCE has given a Bullish Flag Breakout on Daily charts with very good volume.
MACD is also on the bullish side on Daily and Monthly time frames. RSI is also on the bullish side on daily, weekly and monthly time frames.
In the current market scenario, I am expecting that the bullish momentum will continue.
Complete price projection like entry, stop loss and targets mentioned on the charts for educational purpose.
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RELIANCE KI KACHUE KI CHAALReliance is in a Strong Bullish zone ,
As we can see after the friday breakout the Range & size of the Candle is getting smaller & momentum is decreasing by Time.
Possibly a Correction could appear & divergence move on RSI compared to Previous high.
Not Planning to Trade Aggressively Just wait & watch.
Closses around interesting level. 3200 is the major Resistance area according to Option chain.
JUST WAIT & WATCH
HAPPY TRADING
PRINCE