Reliance- failed to create a strong High falls below 2350 ??
Observations:
A strong sell off is observed after opening gap up , so will expect a downward momentum in reliance to the level 2290.
The RELIANCE has been trending upwards, but recently it broke through the higher low level at 2342 and dropped to a low of 2326.
However, the previous supply zone at 2326 has acted as a demand level, causing the price to rise weakly towards the upside.
At this point, it is uncertain whether the stock will continue to move higher or form a lower low.
Further analysis is required to determine the likely direction of the price movement.
Note:
As of now it is in bullish, slightly turned to be bearish as a low is formed and weak momentum is observed towards high.
A strong sell off is observed after opening gap up , so will expect a downward momentum in reliance to the level 2290.
The RELIANCE has been trending upwards, but recently it broke through the higher low level at 2342 and dropped to a low of 2326.
However, the previous supply zone at 2326 has acted as a demand level, causing the price to rise weakly towards the upside.
At this point, it is uncertain whether the stock will continue to move higher or form a lower low.
Further analysis is required to determine the likely direction of the price movement.
Note:
As of now it is in bullish, slightly turned to be bearish as a low is formed and weak momentum is observed towards high.
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Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
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Disclaimer
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.
**If these ideas are Helpful !
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Disclaimer
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.