RELIANCE FUTURE TRADE
-STOCK HAS BROKEN CRUCIAL RANGE SUPPORT
-AND RE-ENTERED THE PREVIOUS TRADING ZONE OF 2050-2180
-NOW TODAY WE HAVE A CONFIRMATION
-KEEPING A STOP ABOVE 20-EMA WILL GOOD TO RIDE VOLATILITY
SHORT@2165
STOP@2225
TARGET-1@2120
TARGET-2@2090
TARGET-3@2050
QTY=1010
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
CONDITIONAL TRADE IN RELIANCE FUTURES
-NEEDS TO CLOSE ABOVE 2180 TO SEE HIGHER LEVELS
-3:15 PM IS THE TIME TO CHECK
-RELIANCE IS SEEING DEFENSIVE BUYING
TRADE CONDITION
BUY@2190(ABOVE 2185)
AFTER 3:15
STOP@2140
TARGET@2275-2300
QTY=505
"PLEASE NOTE BUY IF STOCK PRICE TRADES ABOVE 2180 AFTER 3:15 ONLY"
Reliance seems to be in a 4th Wave Elliotwave triangle. An agressive trader could go long now with a SL below the wave e ( red line) . A conservative trader could wait for the blue line above to be broken ( wave d high) and then enter. Thrusts out of triangles are swift and sharp
