RELIANCE FUT is in the making of 3 candle reversal pattern on daily charts, although its not confirmed yet.
Its a conditional buy only after confirming breaking above above 2502.50.
If it breaks above said level then its a buy with mentioned stoploss & targets.
Reliance at present trading at 2400 range and if it closes below, Will find the bottom at 2000 level. Since It try to breaks many time around 3300 range, Then it all become fake spikes. in.tradingview.com
in.tradingview.com
With the Strong volume presense over the Rs.2000 Range after that the price escalates a bit and don't have a support otherthan Rs.2400, Once the 2400 is decisively broken then next stop will be 2000 Range only. Since, many time this has been violated and becomes fake up spikes. However Rs.2000 will be a good long term support.
Reliance completed ab=cd harmonic pattern @channel bottom trendline
buy reliance 2381 above add more on EVERY dip till 2267 CLOSING STOPLOSS BELOW 2230 TARGET WILL 2498-2613-2736
more idea link attached below check and comments
RELIANCE is making a good triangle pattern and moving averages are also showing bearishness in the stock thus Reliance can enter the Bear market once it breaks the triangle.
THE MAJOR support is now 2400 that's gonna be the first target and the second target can be 2200.
Key Reference Points for Reliance Futures for tomorrow i.e. 7th Aug 2022.
These Reference Points can help one to initiate or exit a trade.
I am not Sebi registered.
This is for education and research purposes.
Reference Points
VAH - 2588
POC - 2562
VAL - 2550
PDL - 2538
PDH - 2616
One can Trade on Breakout of the range of 2588 and 2550 or Trade Reversal at PDL i.e. 2538 or VAL i.e. 2550 and VAH i.e. 2588.
I am not SEBI Registered. This is just an idea. I won't be liable if someone loses money because of this idea.
This is just for education and research purposes.
Reliance yesterday closed strongly above psychological level 2503 @2509, In futures also finished strongly all setfor a double bottom chart.There is hsitory of big spike in reliance some times 100 to 200 points.The results 5G spectrum sale may provide such boost.It can touch 2800 easily . Perfect time for long position in RIL
