Reliance - Update
Attached are 12 M , 1d and 1H charts of Reliance.
1. 12M Chart shows 2282.25 is the pivot and R1, i.e. Fibonacci 8 Level as per my customize indicator is 2284.95.
2. 1D Chart shows that taking high of the present swing as 2621.7, 2295 is the zero Fibonacci level.
Price is just above 200 SMA shown by white curve.
3. IH chart also confirms the same.
4. Elliot Wave: In my earlier discussion, on the stock, Elliot curve analysis showed that the lowest level till where it can retrace is 2370.25. Link provided.
5. Price data of Reliance shows that the low of 9th October is 2295 4th September is 2295.1, so lowest level of October 2023 has not been broken so far.
6. Price Levels for 23-09-2023 are
Last closing 2296.3
Sell Below and levels 2272.41 2248.63 2224.98 2201.46 2302.29 2308.29
Buy above and Levels 2320.32 2344.46 2368.74 2393.13.
7. Next important candles are 10-23-23 2:42 PM. 10-26-23 1:35 PM and 10-29-23 12:28 PM.
Mark highs and lows of these candles and buy only above highs and sell below.
Conclusion: Reversal of cards for Reliance Industries, but don't be in haste. Specially adhere to the level of time mentioned in 7 above. Use other indicators like William R% and SMAs/EMAs.
Disclaimer: I am not a SEBI Registered Analyst, please consult your financial advisor before making any decision, I will not be responsible for any of your profits or losses.
