Reliance led the fall in the market.. what ahead

Reliance one of the heavily traded counters in the market is showing some interesting signs. The entire down move started with a strong corporate action of the bonus announcement which attracts huge retail sentiments. prices were in the range of 3000 and there we saw the top formation in the recent past. post that we can see some frequent formations of Flag patterns and a continuation move post that. the moves have been in line with the expections as per technical analysis levels. Now currently we can see a possible wedge pattern being formed and within the wedge a parallel pattern is also getting formed. both wedge and parallel patterns are still in formation stage. We must wait for confirmation of the either pattern and then trade on the breakout of the range accordingly. Some interesting levels on the downside are marked as per the fib extension which i plot it according to my understanding. The levels and view is shared purely for educational purpose.

VineetJain_TradingSiksha

Vineet Jain
Trading Siksha
tradingsiksha.com
nothing beyond...!!!

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VineetJain_TradingSiksha

Vineet Jain
Trading Siksha
tradingsiksha.com
nothing beyond...!!!

Also on:

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