RELIANCE price action analysis - bullish
RELIANCE did a breakout recently and made all time high. Looking at hourly timeframe it looks like it's consolidating and forming a bullish flag pattern. Volume is also contracting while the price is consolidating.There's a gap to be filled from 2395 to 2412. It had a chance to fill it on 8th september but the price reversed from 2406. It would be interesting to see what happens next week. It might give a fake breakdown to fill the gap and then reverse strongly trapping bears. Hoping for a break from a bull flag structure with a volume influx. Happy trading!
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