RELIANCE - INVERTED HEAD AND SHOULDER'S PATTTEN - 2 HRReliance is showing a bullish crossover of 20 EMA and 200 EMA from below. RSI 78 indicating high momentum with rising volumes. However below 2325 it will be weak. The target as per height of the pattern come at 2639 but it may face resistance at 2491
RLI trade ideas
#Reliance ! #Inverted Head & Shoulder #Reliance forming #Inverse Head & Shoulder pattern open for targets of 2600+
Dear Readers,
How to identify Inverse Head and Shoulders
An inverse head and shoulders pattern is comprised of three component parts:
After long bearish trends, the price falls to a trough and subsequently rises to form a peak.
The price falls again to form a second trough substantially below the initial low and rises yet again.
The price falls for a third time, but only to the level of the first trough, before rising once more and reversing the trend.
RelianceRELIANCE has just announced its Results...... the Best in toooooo many quarters....... WOULD YOU GET BULLISH ???? Dont let your heart rule over what your eyes see................ I dont know what your eyes see....... What I SEE is marked for you. Many of you would probably TAG me as MAD.... So be it
Wait for Range BreakoutBuy if range breakout with big candle of rectangle
Sell if range breakout lower side of rectangle
reliance made proper consolidation before moving further upside, strong result on 21.04.2023 for Q4
take look on 50 EMA and volume when breaking the Upper side
>take proper stop loss with 1:3 ratio both side
>Risk management is more important
Disclaimer:I'm not sebi registered guy, please take your position after consulting your financial advisor.
Reliance : Flag CodeTechnical Analysis :
Strength : Weak
Chart Type: Daily
Chart Pattern : Bullish Flag
RSI : Above 50
Price is above 20 DMA and Below 200 DMA
Expected target : 2360, 2400
Expected Support: 2277
The new expected Targets would be 2300, 2325, and 2350 if the stock reaches the support level before the current targets.
Reliance weekly chart saying somethingOn the weekly time frame then stock is making hanging man pattern from last 2 weeks which is a negative sign of price action.
I am looking for correcting in the script till 2051 that will be value buying zone.
Closing above 2400 on weekly basis will open up more up side target.
RELIANCE can be good for income option strategiesReliance: the heavyweight counter is trading in a tight range
with support can be seen at 2250 areas while hurdles at 280-2410 zones
the counter need to surpass this range for any effective trade
however good for option strategies like IRON FLY, IRON CONDOR, STRADDLE SHORT with a hedge, and calender strategy as well
Reliance Stock Analysis(Short term Swing)Reliance Stock Analysis(Short term Swing)
Reliance Stock created a Double Bottom near 2180 in Daily/Hourly Timeframes.
Good opportunity to build a long near 2210-2220 for the Targets of 2290/2315/2365.
Stop Loss is 2180. Above 2290, XABCD Activates and the move of stock will be fast.
RELIANCE BUY ( Positional Trade Idea )Name- RELIANCE
Trading Style- Positional
Strategy- Trendline Breakout + Daily Closing
Timeframe- Daily Chart
Buy Above Breakout Candle High
Stoploss Below Breakout Candle Low
Target Should be 1:2
Note: All the details are provided on the chart itself
Check updates regularly regarding this trade idea
Reliance 2300 area Crucial Reliance 2300 area crucial , now at 2330 there is falling trend line resistance at current level, any dip to 2300 level and holds with positive price action look for buy option to target of next resistance which is 2400 area stop loss 2280 .Gaps up dont chase we re analyse at higher levels at 2400 area .Below 2300 sustains we can short to targets time 2250 to 2200.
#POSITIONAL STOCKReliance looks positive on the chart. on the daily framework, it has made a W pattern and it has base/support at level 2300. if it maintains and crosses the upper trend line highlighted in red color, then we can see a good move and we can expect a 2400+ level in the coming weeks/months.
Please do your own study before any trade, This is just my view and it can be wrong at any point of time.