Reliance 2180 could be decade Low. Reliance after a 5 Wave Rise from covid bottom has completed a double Zig-Zag as WxY & now starting a new impulse which indicates new records could be set by this company in next 2 years Ril can cross 5000 levels investors can go long with SL at 2180.
I am not a SEBI registered analyst please consult your advisor before investing chart shared for education purpose only.
Trade ideas
Realince is Make or Break Reliance Closing 2420.1 with a stop loss of 2350 & in Upperside target is 2500-2550-2600+.
#Buying Reason.
1 --> Price create a Head & Shoulders Pattern.
2 --> Price is breakout the #Pattern.
3 --> Price is cross the 200 ema.
4 --> Volume is also made the #consolidation move.
5 --> RSI is above 60.
6 --> ADX is showing the Upmove and +DMI is rising.
7 --> Bollinger Bands are Also ready to Open in Upperside.
RELIANCE --BUILDING STRENGTH RELIANCE --DAILY CHART --SETUP
TECHNCIAL OBSERVATION
1. Reliance seen pullback at 2200 sub level after fall from 2700 sub level
2. short term resistance 2300 cross recently and stop trading 2340 level at present
3. 2300 will work as strong support now , above 2350 daily trendline breakout level , Entry can initiate 2300-2350 level for target 2400-2500-2600 short term
Positional ( 1-3 ) month , stop loss place bellow trendline at 2180
4. CCI Seen given bullish divergence , CCI ema crossover seen and CCI above center line
5. Stock trading above 24,35,50 HMA
**THIS IDEA IS FOR EDUCATIONAL PURPOSE .. Trade at own risk !
HAPPY TRADING .!!
RELIANCE - INVERTED HEAD AND SHOULDER'S PATTTEN - 2 HRReliance is showing a bullish crossover of 20 EMA and 200 EMA from below. RSI 78 indicating high momentum with rising volumes. However below 2325 it will be weak. The target as per height of the pattern come at 2639 but it may face resistance at 2491
#Reliance ! #Inverted Head & Shoulder #Reliance forming #Inverse Head & Shoulder pattern open for targets of 2600+
Dear Readers,
How to identify Inverse Head and Shoulders
An inverse head and shoulders pattern is comprised of three component parts:
After long bearish trends, the price falls to a trough and subsequently rises to form a peak.
The price falls again to form a second trough substantially below the initial low and rises yet again.
The price falls for a third time, but only to the level of the first trough, before rising once more and reversing the trend.
RelianceRELIANCE has just announced its Results...... the Best in toooooo many quarters....... WOULD YOU GET BULLISH ???? Dont let your heart rule over what your eyes see................ I dont know what your eyes see....... What I SEE is marked for you. Many of you would probably TAG me as MAD.... So be it















