It is been observed that the price action is trending down as it makes Lower High (LH) and Lower Lows (LL) sequence, indicating a down trend is continuation. Now, the price action breaks and close below crucial support levels of 1055 which indicates further move down to the next support levels at 1033-1030.
It is also to be noted that the price action is in...
Currently Reliance is trading near crucial level.
- If channel support is broken than it will be a good candidate to short.
- Potential Bearish Gartley or Butterfly 's D leg can be in the making. (B point was 0.618 of XA). If that be the case we can expect an upward journey above 1100. In the case of Bearish Butterfly it can go way up to touch the upward channel...
On Monthly Chart, Reliance Industries also could be in trouble unless the market proves me wrong & reliance starts moving above 1145- which is the key resistance level for me.
If reliance leaks downside, below 795 then selling pressure will increase- confirming that it was a B - wave triangle & it is heading down in a C - wave & likely to travel 61.8% of A-wave...
Just a guess- If the stock opens above the GAP Zone and sustains for first 30 min, then go Long.
And if it opens in the GAP Zone- wait for sometime and see where its moving.
If it opens below the Gap Zone then GO SHORT
Happy Trading.
Results look good, hence I am hoping we have a bullish day. Hence bias is Long
RELIANCE Looking Weak on chart because stock making 3 tops at high so company may drag from here till 1070-1060 upper range is 1130-50 only... not so much up movement seen in reliance upper result...
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.
Target:1140
Stoploss: 1040
3 NOS OF ABCD EXTENSION PATTERNS ARE IN PROCESS WHOSE PRZ LIES UP TO 1102
Hence, a difficult zone to cross
IF BREAKS OUT OF 1102, 1145 CAN BE A RESISTANCE TO OVERCOME.
IF 1145 IS CROSSED, BUTTERFLY & EXTENDED DEEP CRAB PATTERNS WILL COME IN TO PLAY WHOSE PRZ IS BETWEEN 1220-1245.
Many IFs. Keep a watch on all these levels before committing big in this sleeping giant
We have resistance zone in Reliance from 1067's to 1075's, and in the same area we have bearish gartley completion along with ABCD completion. As mentioned in chart itself, it just increases our confidence or to validate setup ( our direction of trade). But that wo't give assurance that it will be successful trade in Reliance.
Happy Trading !
On weekly chart, I observed that the price action is forming a descending triangle, which is a continuation pattern. It is a good time to put this one in our watch list and wait for couple of weeks to see a breakout from this with a high volume.
Its a Game between triple restest of support zone & Descending triangle. Whether this support holds & send price back up or descnding triangle breaksdown, let's wait n enter the trade in Reliance.
Happy Trading !
