RELIANCE CHART PATTERN ANALYSIS Reliance Industries form Inverse Cup & Handle Pattern.. We can see some more fall in Reliance
KEEP AN EYE ON IT…..
RLI trade ideas
WILL RELIANCE RE-TEST 200 EMA WEEKLYReliance stock appears to have breached its rising channel on the weekly time frame, indicating a potential downward trend.
However, there is a possibility that the stock may re-test its 200 Weekly Moving Average, which presents a potential buying opportunity for long-term investors.
Reliance has historically been a "buy the dip" stock, and investors may consider implementing a systematic investment plan (SIP) to add quantity over time. As with any investment decision, it is important to conduct thorough research and analysis before making any trades.
Reliance forming H&S at strong supportWe have seen a bearish move in Nifty and Reliance from couple of days.
Today, Reliance is at a strong support forming head and shoulder pattern at neck line. Wait and watch how the market reacts now.
Relaince intraday and swing trading planprice takes support @2313 and it crosses 9EMA in 15min will go long for tomorrow.
if it breaks 2313 then will wait for price to take retest the same level and going for short trade.
Head and Shoulders in RELIANCERELIANCE has formed head and shoulders top pattern on the weekly chart. The stock is hovering at the trendline, as bulls got rejected this week.
A breakdown from here can take the stock all the way to 200WMA of 2000 and perhaps subsequently toward 1830 support zone .
Keep an eye!
Big Breakout upwards after triangle completionCurrently we are in last leg of correction, which is triangle , once the correction is over we will see a big jump in upward direction. We completed the W and X correction, currently we are in Wave Y correction, which is Zig-zag correction (A-B-C) and wave C is. a triangle.
Reliance Make or Break Zone 2280Reliance Make or Break Zone 2280
Reliance at very important support, if takes support around 2280 ready to fly again.
Reliance: Chart set up and trading strategyReliance
We are looking at Daily chart of Reliance Industries
Observations
- 2420-2450 has the potential to act as resistance
- One may also look at the Red Line of Resistance as potential supply zone
- 2180-2220 has the potential to provide support to the stock
- The Green Line of Support comes around 2163
Given the chart setup,
My view : Rangebound between 2220-2450
My trading strategy: Short strangle strategy for Mar 2023 series
Sell 29 Mar 2500 Call option &
Sell 29 Mar 2200 Put option
Understanding risk profile and reward potential
The strategy has a profit potential of approximately 14.5% till 29 Mar 2023 on Margin requirement and has in built loss protection
- for a fall up to 2142 on the downside and
- for a rise up to 2558 on the upside
Review points for me
2220 on the downside &
2450 /2485 on the upside
The review points should give ample scope to adjust / exit in case view is getting invalidated.
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
intradayyou can buy on breakout or you can sell at resistance depend on the candle
both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
if the breakout comes after 10:00 am then the probability of winning will be more.
follow risk management
do your own analysis
do workout
do meditation
start reading books
Triangle Pattern A triangle chart pattern involves price moving into a tighter and tighter range as time goes by and provides a visual display of a battle between bulls and bears.
Script = Reliance
Time Frame = 1 Day
RELIANCE | Ready to Blast ??> Reliance Industries
> Cmp - 2385
> Good after trendline breakout
> Volumes are good keep an eye on it
#Reliance cash : Go long above 2412 in cash#Reliance cash -Positional trade
05.03.2023
Resistance zone at 2395-2410 levels
Go long above 2412
Stoploss at 2370
Target 2455-60/2500
Cmp 2383
(Avoid buying before 2412 level)
Reliance Long TermHalf Bullish bat pattern formed in the previous swing. The demand zone is around 0.618 retracement zone (golden ratio)—prospective targets 0.5 and 0.618 retracement zones. Also, there is a trendline it is respecting as a resistance.
reliance break or back from 2300 ???2300 is major support.
strong hammer near support indicated buyers want to push hard upside
trend could be change to positive side.
this above term will satisfy,if 2350 above green candle should formed
we can easily check with tgt -2400\2600\2760
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if 2200 break than wait for other one red candle
follow with 2150\2000.
*hammer from base strong indication for trend will be change negative to positive.
tgt will set from support to resistance.
also known as trend reversal setup
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if 2200 break than wait for other one red candle
follow with 2150\2000.
*education purpose only
plz confirm their financial advisor before buy
=thanks=
Reliance Stock Analysis (Short Term)(01-03-23)Reliance Stock Analysis (Short Term)(01-03-23)
2295-2305 is Important Daily Support For Reliance and also creating a Double Bottom Near Support.
If Reliance Tests Support area today and Forms a Reversal Candle in Daily Timeframe,
Good Opportunity to Build Long Near 2290-2300. Stop Loss is 2275 And Targets are 2366/2384.
Since a Dynamic Trendline is holding Reliance Stock Downtrend near 2385, Book 80% Quantity near 2384
and TSL remaining 20% till 2460. Good RR which is almost 1:3 to 1:5.
Reliance Double Bottom & RSI DivergenceReliance has formed double bottom pattern on daily chart. While the RSI is making higher low which is clear sign of RSI Bullish Divergence.
Entry
We can go long on open of next candle.
Target
Target 1: We can keep our 1st target at the nearest resistance which will also the neckline of the W pattern as marked on chart.
Target 2: Once the 1st target is achieved & price gives breakout above the neckline of the W pattern 2nd target will be the next resistance as marked on chart.
Stoploss
We can keep stoploss below the support zone.
Please like & Follow me.
Reliance Industries - Daily Time FrameSharp rejection from a retracement of 0.382 of the previous swing.
It tested the trendline multiple times.
Currently in the demand zone, if that is broken, we can see more downside—targets in the chart.
intradayyou can buy on breakout or you can sell at resistance depend on the candle
both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
if the breakout comes after 10:00 am then the probability of winning will be more.
follow risk management
do your own analysis
do workout
do meditation
start reading books
LONG RELIANCELong Reliance Futures at current market price @ 2380 and Target Till 2500-2600 as 1st and 2nd target.
Stop-loss - 2200.
