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RELIN trade ideas

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.
NSE:RELIANCE
by rekhi567
1
Will Reliance continue its Downtrend ?The price declined about 13% from the high of 2631. Also the degree and nature of separation of ema bands indicates a downtrend. If the price is rejected from the level of 2362 then it will continue its downtrend. And for an uptrend the price has to break the resistance zone with momentum. It's important to consider, the long-term band is in the resistance zone. So wait for the price to clear its trend. Currently we are at make or break levels. Hit the like button!! Show some energy!! Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. This material is only for educational purposes. Thanks Er. Simranjit Singh Virdi
NSE:RELIANCE
by ssvirdi
2
Will Reliance complete its ABCD pattern?Will it take support around the historical peak, or will it complete the ABCD pattern? On the daily chart, we can observe that Reliance is attempting to find support at its previous peak after undergoing a significant correction from its high of 2621. A decisive drop below the historical swing high, which is located at 2339, could potentially trigger a further correction in the stock price. This correction might eventually lead the stock towards a potential reversal zone ranging from 2287 to 2253.
NSE:RELIANCE
by RupakDe
Reliance- Elliot Wave Presenting here is the Elliot Wave structure of Reliance. For the purpose of ease of understanding I have drawn only the main motive waves and in between skipped small counter waves in ABC. Now, it closed above 2293 making a low of just .1 below the closing of 4th September. Going further, this could be the point of reversal in Reliance or worst cum worst it is the white horizontal line at 2270.25. So, please wait and watch for an hour or so after opening of the market and previously mark high and low of candle mentioned yesterday i.e. 2:05 p.m and buy above that only. Today market may remain quite and sideways and from tomorrow trend reversal can be seen. Important candle going further up is 10-12-23 12:53 PM Mean while, Better would be to check that weekly high is 2317.3, which has been broken, let it regain that. Thank you.
NSE:RELIANCE
by rekhi567