Just a guess- If the stock opens above the GAP Zone and sustains for first 30 min, then go Long.
And if it opens in the GAP Zone- wait for sometime and see where its moving.
If it opens below the Gap Zone then GO SHORT
Happy Trading.
Results look good, hence I am hoping we have a bullish day. Hence bias is Long
based on pattern and trendline support on monthly time frame reliance is set for investment buy with stop 940 cmp 1078 target 1500+ in next six to twelve month time frame
RELIANCE Looking Weak on chart because stock making 3 tops at high so company may drag from here till 1070-1060 upper range is 1130-50 only... not so much up movement seen in reliance upper result...
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.
Target:1140
Stoploss: 1040
3 NOS OF ABCD EXTENSION PATTERNS ARE IN PROCESS WHOSE PRZ LIES UP TO 1102
Hence, a difficult zone to cross
IF BREAKS OUT OF 1102, 1145 CAN BE A RESISTANCE TO OVERCOME.
IF 1145 IS CROSSED, BUTTERFLY & EXTENDED DEEP CRAB PATTERNS WILL COME IN TO PLAY WHOSE PRZ IS BETWEEN 1220-1245.
Many IFs. Keep a watch on all these levels before committing big in this sleeping giant
We have resistance zone in Reliance from 1067's to 1075's, and in the same area we have bearish gartley completion along with ABCD completion. As mentioned in chart itself, it just increases our confidence or to validate setup ( our direction of trade). But that wo't give assurance that it will be successful trade in Reliance.
Happy Trading !
On weekly chart, I observed that the price action is forming a descending triangle, which is a continuation pattern. It is a good time to put this one in our watch list and wait for couple of weeks to see a breakout from this with a high volume.
