Reliance , forms "Descending Triangle Pattern" on Daily time frame as well as Looking for completing "M" Formation too.
Above I gave all the details with Stop & target & this could be a nice opportunity for those who want Bears on their side.
This Trade could take time to complete 1:2 ratio, but Those who looking for 1:1 can get in this month only.
you can...
Its seems in past few weeks Reliance has made Double Bottome ... It seems we can see up move till 2600 lvls soon beginning this week I dont have experince in posting the charts here so bare with me ...
Reliance may have completed an a-b-c correction or W of W-X-Y, we can now look for a upmove, if it is in 5 waves, the trend may be resuming upwards, else we are possibly headed down once more after that to the 50% correction range before a the larger trend resumes.
RELIANCE sells off with a historical one-day fall of 180 points. The stock has been in a downtrend for some time and never managed a bounce back for pull-back traders to initiate a short trade. Over the past three weeks, the stock has corrected significantly from its recent high of 2300. Not to forget the fact that RELIANCE is the top-weighted stock in the bourse....
TGT 2080/2100/2148
SL 2000
NoV 2080/2100CE may be a good bet.
Good support zone near 2000.A bounce back may be possible.
Disclaimer: Ideas for learning Only.
RelianceInds bounce yesterday was more of a wave c of 2, this means the previous view remains intact. A Risk level is now defined around the 2307 area and target being 2100 area.
RSIStairs broke down below 50 and nearest support level, for the first time after 21st April. It has given a breakdown from the #SymmetricalTriangle pattern too.
Is this the start of end of long term bullish trend? Possibly yes. Not necessary it will go down to wires. But a definite point of exiting the longs.
Either it will go under consolidation or give a...
Reliance Inds' move post the top is taking the shape of a zigzag with Wave A and B complete. We should now see Wave C head down in 5 waves to the center of the large triangle it formed in Aug. 2100 is a area it can find support.
That should then turnout to be a great bullish setup, we'll discuss that later as we see price action around that leve.
Relaince fut CMP 2229 buy above 2243 for Target 2250- 2260- 2270-2279- 2890-2300+
Buy when candles are going from bottom to top -
Don't buy when candle coming down from top to bottom
Please note when I m telling candles in Intraday means 15 min - else I will use specific time frame
