Reliance moving in an upwards wedge formation. On 4 hr TF
Has it broken out of the wedge ?? I dont think so. Volumes are not there to justify it on the daily TF.
I see it coming down to hit the YELLOW LINE and then possibly shooting back up to break through the wedge for the next fibo level.
Let's see... Market is supreme after all...
Redone the charting as previous one was based on weekly.
On the 1 hr TF i see the down trend (Lower Highs) broken nicely AND RETESTED now.
Let's see if it goes on to mark the targets marked in BLUE.
SL marked in YELLOW (support zone)
Has taken support at the marked band.
Tendency is to bounce up towards targets marked in GREEN.
BUT CANDLE HIGH IS NEAR AROUND 200 EMA on 1 HR TF so need to see if it breaks.
Support lines marked in YELLOW.