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.
RIGD trade ideas
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
Reliance range current yeartrying to give Reliance range for current year
also try to give its range for shorter formats in next few charts
reliance day chartreliance day chart reliance reached an important level at least based on 4 hr candle
i could say important month level
Reliance Ind Nifty Movers Down side Breakout 2023 Reliance Industires Stock Analysis With Confirm Targets for 2023
We all Know Reliance Ind. Is The Movers in Nifty50 , So we have to Keep eye on Bigest Stock In India Please see Below Some Details about Chart Analysis .
1. In Reliance Industires Stock Chart We Found Ascending Triangle Chart pattern on One Day Time Frame
2. Ascending Triangle Chart pattern forms When Stock Making Higher Lows and another Side Because of Major Resistance Stock Returns towards support
3. First Support Zone for Reliance Industires Stock is 1831 - 1878
4 . Major Support Zone is - 1580 - 1620
Stock Given Brekout As per Chart Pattern , if Breakout will continue then Down Side Targets are -
Frist Target - 2023
Second Target - 1880
Third Target - 1630
It is Negative Sign For Nifty50 Also beacause its Major Contribution in Nifty Index . Keep Eye on RELIANCE .
123 Reversal Bearish Pattern TradingSetup
The 123-chart pattern is a three-wave formation, where every move reaches a pivot point. This is where the name of the pattern comes from, the 1-2-3 pivot points.
The structure of 123 chart pattern
The pattern appears after three price movements, which form three pivot points and a confirmation level.
Pivot point 1.
This is a turning point that the price formed during the trend. If a price breaks the previous trendline after it formed pivot point 1, the pattern will be more reliable.
Pivot point 2.
The next turning point is very likely to form outside of the previous trendline or channel. This is a good indication that the trend might be ready to end and reverse.
Pivot point 3.
Pivot point 3 is crucial for 123 reversal chart patterns. The point must not exceed the pivot point 1 (in the worst case it might be on the same level) for the pattern to be valid.
Confirmation level
The confirmation level is our entry point in the market. It is located at the same level as pivot point 2. When price breaks through this level open the trade.
Target level
To set the target trader needs to connect 1 and 3 pivot points with a line. The size of your 123 pattern equals the vertical distance between Line 2 (which is a horizontal line at the level of 2 pivot point) and the midpoint of Line 1.
123 chart pattern stop loss setup
It is highly important to use stop loss when trading the 123 chart pattern. The stop loss should be set under pivot point 3 in the bullish trend reversal, and above in the bearish one. In the condition of high market volatility, the price might get pushed beyond the 2 pivot point for a while. That’s why it will be a good idea to set stop-loss slightly beyond the 3 pivot point, as this will prevent stop loss from being activated.
123 Reversal Pattern Trading23 reversal setup is a basic on-chart formation, that warns about upcoming trend reversal.
Setup
The 123-chart pattern is a three-wave formation, where every move reaches a pivot point. This is where the name of the pattern comes from, the 1-2-3 pivot points.
123 pattern works in both directions. In the first case, a bullish trend turns into a bearish one. And the second picture presents the opposite, a bearish trend turns into a bullish one.
The structure of 123 chart pattern
The pattern appears after three price movements, which form three pivot points and a confirmation level.
Pivot point 1.
This is a turning point that the price formed during the trend. If a price breaks the previous trendline after it formed pivot point 1, the pattern will be more reliable.
Pivot point 2.
The next turning point is very likely to form outside of the previous trendline or channel. This is a good indication that the trend might be ready to end and reverse.
Pivot point 3.
Pivot point 3 is crucial for 123 reversal chart patterns. The point must not exceed the pivot point 1 (in the worst case it might be on the same level) for the pattern to be valid.
Confirmation level
The confirmation level is our entry point in the market. It is located at the same level as pivot point 2. When price breaks through this level open the trade.
Target level
To set the target trader needs to connect 1 and 3 pivot points with a line. The size of your 123 pattern equals the vertical distance between Line 2 (which is a horizontal line at the level of 2 pivot point) and the midpoint of Line 1.
123 chart pattern stop loss setup
It is highly important to use stop loss when trading the 123 chart pattern. The stop loss should be set under pivot point 3 in the bullish trend reversal, and above in the bearish one. In the condition of high market volatility, the price might get pushed beyond the 2 pivot point for a while. That’s why it will be a good idea to set stop-loss slightly beyond the 3 pivot point, as this will prevent stop loss from being activated.
The target level of 123 continuation pattern
The target of the “continuation 123 pattern” measures the same way as usual. The only exception is that in this case, you should take pivot point 3 as a starting one of your target.
