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RELIANCE INDUSTRIES SPON GDR EACH REP 2 ORD SHS 144ARELIANCE INDUSTRIES SPON GDR EACH REP 2 ORD SHS 144ARELIANCE INDUSTRIES SPON GDR EACH REP 2 ORD SHS 144A

RELIANCE INDUSTRIES SPON GDR EACH REP 2 ORD SHS 144A

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RIGD trade ideas

RELIANCE- Big Elephant of NIFTY forms Descending TriangleAnalyzing the Descending Triangle Pattern on RELIANCE Daily Charts Introduction: In the world of technical analysis, patterns often provide valuable insights into potential market movements. One such pattern that has caught the attention of traders is the descending triangle forming on the Reliance Industries Limited (RIL) daily charts. Let's delve into this pattern and explore what it could mean for RIL's future price action. Understanding the Descending Triangle Pattern: The descending triangle is a bearish continuation pattern characterized by a horizontal support line and a descending trendline. In this pattern, the price forms lower highs, indicating a potential weakening of bullish momentum. Meanwhile, the support line remains relatively flat, signaling a level at which buying pressure may be concentrated. Analyzing RIL's Descending Triangle: On RIL's daily charts, we can observe the formation of this pattern, with the stock consistently making lower highs since a recent peak. The horizontal support line is evident, showcasing a level at which buyers have historically stepped in. Implications for Traders: 1. Bearish Bias: The descending triangle typically suggests a bearish bias, indicating that sellers may gain control as the pattern progresses. 2. Breakout Potential: Traders often look for a breakout below the support line as a confirmation of the pattern. A decisive move below this level could signal further downside. 3. Volume Confirmation: Volume plays a crucial role in confirming pattern validity. Traders should monitor volume trends, especially during a potential breakout. Key Levels to Watch: - Support: Keep a close eye on the support level of the descending triangle. A break below this level could signal further downside pressure. - Resistance: The descending trendline acts as a resistance level. A break above this line may invalidate the pattern. Risk Management: As with any trading strategy, risk management is paramount. Traders should consider implementing stop-loss orders and position sizing strategies to protect against unexpected price movements. Conclusion: The descending triangle pattern forming on RIL's daily charts presents an interesting opportunity for traders to monitor. While patterns provide valuable insights, it's essential to wait for confirmation signals such as a breakout with increased volume before making trading decisions. Keeping risk management in mind can help traders navigate potential opportunities while minimizing downside risks. Disclaimer: This analysis is for informational purposes only and should not be construed as financial advice. Traders should conduct their own research and consider their risk tolerance before making any trading decisions.
NSE:RELIANCEEducation
by HappynessPro
Reliance will decide the nifty course.what you see and what you feel ? what you see impotant. as shown in the chart it is in 3 rd wave. Of course retraced 23.6 percent of it. in some cases when 3 rd wave is extended it can retrace 23.6 percent. It seems here it is extended here, Normally 4 th wave retraces 38.6 percent of 3 rd wave. Its result is tomorrow.In case of good result it can lift nifty along with it. I am not predicting here any thing,but its uptrend still left. so many noises during result days better to wait to see how it is performing on that day(tuesday)Please go through my earlier post of reliance. if this post helps you like it. follow me to get updates.
NSE:RELIANCE
by bijoy2526
6
Reliance buy on dip 3025 -3050 upside Target On Our Harmonic pattern indicator based trade setup take trade as explained below :- Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target , When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% .. Please note:- It's working on news based and volitile market very well so exit if SL hit
NSE:RELIANCE
by JaiPrakashShuklaHarmonicTrader