RELIANCE - Gap up or gap down ?Opening above 1600 can take stock to 1650 levels.
Opening below 1570 can take stock to 1540-1530 levels.
Flat opening can make stock trade sideways in between 1600- 1570 levels.
RELIANCE
cup and handle ☕ is a bullish pattern but in this kind of marketbe cautious, before making any decision. wait for the clear direction.
Reliance Price in Ascending Triangleprice in ascending triangle ready to break above
wait for market to open and than we will take trade at retest
if resistance isn't break than it can touch the support again.
Reliance in NewsReliance in news very much again.........
Technically
1615 /1630 remains a strong resistance and 1520 remains a strong support for bulls.
for breakout, reliance need significant volume!but if volume lack, and reliance respect resistance then price can slip to 1450. also check his option chain data, you will notice something interesting.
RELIANCE - holds good support @1540 levelsReliance has good support near 1540 levels and and there is a probability of shark pattern , whose support levels also aligned with price support@1540
Hence , i am expecting stock would most likely bounce from there and retest its recent highs around 1600 levels.
So its a temporary long trade
Trade type - Risky - only for pro traders
I am bullish on the stock only above 1650, till then stock can trade in between 1620 - 1540-1520 range.
Reliance Industries retracement levels1437 is the first important retracement level after the recent profit booking
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RELIANCE - ALT BAT - new rally only above 1650RELIANCE - ALT BAT - new rally only above 1630
Reliance hourly chart has probability of altbat pattern and currently its trading near its prz zone i.e 1620-1630
High Volume Spinning candle near prz is again a warning that cannot be ignored.
This alt bat pattern is also aligned with reliance previous resistance at 1590-1600 levels.
Short below 1575
Long above 1630
Please do not follow blindly, do your own research.
Reliance has given Breakout
Reliance is super bullish with a small hurdle @ 1593 for targets 1608 / 1615 / 1630+
1550-1555 will act as a support zone..........
below 1550 bulls can loose steam...............
reliance it's nr to ATH, this resistance is very important.if price manage to break this level with volume, price can go like rocket. but it's really tough to break this level right now, if price going to face resistance then we all are know what will happen.
Positional Reliance looks a good buy above 1445Positional buy - Reliance with target of 1550 and more SL 1370
Reliance Sideways to bullish
1497 likely target in 3-4 trading sessions CMP 1464.20
Below 1440 target of 1408 not ruled out
RELIANCE CLEAR CUT 1290 TGTA classical H&S pattern.
A good retest and then...
RELIANCE is weak as long as below 1414
Spot 1408.90
TGT 1290
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Reliance - Time for correction and retracement?Poor results, negative sentiments in the market, might lead Reliance to fill the gap and retest 1250 levels.
RELIANCE - 1350-1320 Re-test before we head higher?NSE:RELIANCE
Reliance has been moving down with mostly red candles at daily since it's all time high. Currently, it is at 0.786 region of fib and if it starts to head higher from there, that can be very bullish but such an event is quite less probable. Chances are that it may want to come and retest 1350-1300 region (if 1400 breaks) which coincides with a previous swing low and an important 0.618 fib level.
The previous two trading session saw a small upside but they were not supported by volume (as see in the chart). I would like to see increase in green volume if we are to break to new all time highs for Reliance.
Reliance is a fundamentally strong stock so for long term, we can be bullish.
Daily RSI
Reliance - 54 - Neutral
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RELIANCE - GO SHORT FOR A TARGET OF SUB- 1400 ON 26 MAY 2020RELIANCE - GO SHORT @ CMP WITH A SL OF 1462 AND A TARGET OF 1391. TARGET SHOULD BE ACHIEVED BY 26 MAY 2020
RELIANCE WAIT FOR BREAKOUT, NEW VALUE SHIFTING IS AHEAD !keep watch on reliance or set alarm on chart ,when up side or downside breakout will come ,
take position for short term.
above drawing is verified as value area by me time to time.
and i personally took trade and earn from trend .
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