Trend line Analysis
Observing Reliance Ind Since long time. It was oversold according to RSI few days ago and just got out of the overbought Zone, while this period, it was following trend lines, I am observing a fall as it has broken lower trend line. Management is trying to raise fund through different Strategies, But now it is time should see some downfall and create great long term opportunities around levels of 1343, 1257, 1180, 1000. Before entering I would wait for confirmation. Chart showing small bullish candle, Gravestone doji and long bearish candle making evening star pattern on top of the chart which confirms the down trend. Reading Volume in evening star pattern, first candle showing high volume but forms very small green candle is clearly shows weakness in current trend ( Sellers entry), second candle Gravestone doji - confirms sellers monopoly ( sellers hijacking the trend) decent volume, Third Bearish candle - Confirming trend change with high volume completing evening star pattern, Trend change confirmation.
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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.