Just days before, traders had a wonderful breakout to catch at reliance. Those who caught the breakout could easily get above 5% return.
but those who dint get the break, reliance is giving another chance for traders act on. keep RELIANCE in your watchlist for 10 Aug 2020.
Beware : Please keep in mind and stay away from False Breakout Traps.
Also this is not any...
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
The lower trend line has taken many hits by now and is likely to break.
With a little zig zag in the meanwhile, we can hope for the bears to overtake the chart.
I would up-vote for SHORT trade.
(However, this is my chart analysis, trade at your own risk ! ;))
This stock is Crazy whenever it makes its move ,
I am still not looking for any sign of reversal in Major trend direction in fact we are looking trade this up side move in Futures Contract
I dont advise this for weak hearts , as this will be crazy on both side , but safe traders can take a minimum risk of daily reversal candle low as stop and enter only...