Regular Flag patterns are like rocket. Breakout above the resistance line of Pitchfork has happened. Now we have to consult OI table to find immediate resistance. RIL has very strong support at 1100 (Highest OI of Put) and 1120. Immediate resistance lies at 1200 Call which is the second highest. So if this resistance is cleared by bulls, it can make 20-25 more points. After a sharp rise, some consolidation/ correction is possible.
Note that RIL has broken out multiple times at various levels and the last breakout level was 821 -- the level of 18.1.20008-- after 10 long years which I have been covering. A breakout stock behaves differently.
Note that RIL has broken out multiple times at various levels and the last breakout level was 821 -- the level of 18.1.20008-- after 10 long years which I have been covering. A breakout stock behaves differently.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.