Everything is explained in the Graph.
Short term Targets based on Fibonacci retracements.
My opinion: No new positions should be taken in RIL or should be taken with strict stoploss.
I think RIL needs to give a healthy correction to continue upside journey.
Targets based on FIBONACCI TREND BASED EXTENSION.
SL Can be based as per RR ration or MA.
My opinion: Overall I don't have a positive outlook on overall market. Only short term trades should be taken with strict stop loss.
-> RSI Divergence (Red line): 11 MAY to 8 June 2020
-> Price & volume : Price is increasing & volume is decreasing : Bearish
-> Fiboonaci extension used to find short term upside movement which can be a point of reversal.
RIL has tested 1600 level for the third time, hence there can be a + Breakout. ( Extension levels,...