The basic elements in Gann analysis are price, pattern and time. Gann used variuos tools in his analysis to find the movement of market. One of the important tool he used is Gann angles. The interesting factor about Gann angle is the past, present and future exist at the same time. Sounds dramatic, right? The explanation is simple. Past movement of the price,...
Reliance Industries has formed a clean bearish engulfing candle today.
any upside possible will be close above todays candle only
Daily Kijun test is possible which is around 1520, since 20 dma is near by we might see some support.
todays move shows bearish setup on daily charts
AS WE CAN SEE 12345 IMPULSE WAVE HAS BEEN COMPLETED NOW 123 CORRECTIVE WAVE IN BULL TREND MUST KICK IN PLUS PREVIOUS PEAK AT 3 SHOULD WORK AS SUPPORT SO IT MUST FALL TILL SOMEWHERE NEAR WAVE 3 AS SHOWN WITH ARROW AND YELLOW LONG TERM TREND LINE SHOULD WORK AS RESISTANCE BUT LET BLUE LINE BE BREACHED ON CLOSING BASIS IN AT LEAST 1 HOUR CHART
NOTE: ITS ALL MY...
I am looking this has one more move up , it will fast and swift in nature
One can look for buying with pre-determined stop and look to book near forecast
AS WE CAN SEE IT IS RESPECTING CHANNEL AND AS SHOWN WITH ARROW IT IS TAKING RESISTANCE FROM UPPER LINE AND MADE WICKS ON TOP OF CANDLES PRICE IS REJECTED FROM THIS UPPER LINE I HAVE MENTIONED DEMAND ZONE WITH GREEN AREA IT MUST BE SUPPORT NOW IF IT DOES BREAK THIS ALSO TARGET FOR SHORT GIVEN WITH ARROW
NOTE: BE CAUTIOUS MARKET WILL BE VOLATILE S BUDGET IS...
NOTE- RELIANCE IS ACTUALLY MOVING OUT OF A BASE FORMATION, THIS IS MOST LIKELY A PULL BACK
IN A MAJOR UPTREND
DISCLAIMER....NOT AN INVESTING/TRADING RECOMMENDATION
AS WE CAN SEE IT HAS BROKEN CHANNEL WITH GOOD VOLUME AND UPPER CHANNEL LINE MUST WORK AS GOOD SUPPORT NOW TARGET FOR LONG GIVEN
NOTE: TRADE AT YOUR OWN RISK
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Reliance Industries Limited is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms. The Company's segments include Refining, Petrochemicals, Oil and Gas, Organized Retail and Others. The Refining segment includes production and marketing operations of the petroleum products. The Petrochemicals segment includes production and marketing operations of petrochemical products, including polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The Oil and Gas segment includes exploration, development and production of crude oil and natural gas. The Organized Retail segment includes organized retail business in India. The Others segment includes textile, Special Economic Zone (SEZ) development, telecom or broadband business and media.
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RELIANCE
![RELIANCE: [Turtle] Reliance 1620 CE](https://s3.tradingview.com/f/fByDk47z_mid.png "[Turtle] Reliance 1620 CE")
