Relianceforecast
RIIL - Long viewTrading idea for the stock
Buy: 757
Target: 804
Stop loss: 747
Profit: 4700
Loss: 1000
Risk/Reward: 1:4.7
Quantity: 100
Look for booking partial profit at 780 levels and then trail the rest.
R1 - 782.90
R2 - 824.10
R3 - 906.50
S1 - 659.30
S2 - 576.90
S3 - 535.70
Ruel Fernandes
ruelfernandes@gmail.com
9819683693
Reliance Inside bar 2H FrameHi Traders,
Inside Bar Form 2H frame
Entry Yellow Table Above Or Below Breakout
Sl make candle High or Low
Its Profit Making Strategy
Levels Update On 28/6/2021 After Breakout
Simple & best techniques for Trading called S&D Zone easy to understand for making Profitable Trade. Believe Price Action, has the potential to change your trading lives.
Thanks & regards
Sakthi
Any Query Comment
RELIANCE, Daily ChartRELIANCE , Daily Chart.
TWO Support Trendline Break-Down.
With Good Volume.
Next Support Levels are 1785 & 1605
Resistance zone is 1915 to 1970.
Disclaimer
I am not SEBI REGISTERED Analyst
My Studies are Educational purpose only
Consult with your financial advisor before trading or investing
Reliance - Still no upward movement confirmationReliance after forming three Doji in last five trading sessions of November remains locked inside the marabozu candles levels.
RSI about to breakdown below 40
No longs to be initiated before closing above 1985
Lower levels are open as soon as the support line is broken on closing basis.
Reliance - Downward Journey StartsFinally Reliance cleared it's direction after three Dojis towards down side by breaking all three Doji lows of 1920 in intrady and RSI is now below 40 again.
It's all set to test recent low of 1835 on Tuesday itself and then next two are fibo Retracement levels of:
61.8% - 1795
50% - 1680
Excellent buying opportunity below 1680 once RSI starts the Support sign.
Reliance Formed Third Doji - Range 1980-1920#Reliance formed a third Doji in last four days of Trade. There is strong clash between bulls and bears within the range of 1980 to 1920.
With expiry keeping things unclear, the #December series can see sharp moves in either direction once this range is broken on closing basis either side.
Ultimate targets remain the same - 1600 on lower side and 2200 on upper side with further upmove on closing above 2200
Reliance Doji Formation - Ready to Breakout - 2200 Vs 1600Reliance has been correcting continuously after the rumours of health issues of Mukesh Ambani. The undercurrent however was rationalisation and consolidation after a solid upmove.
The news flow stopped and whatever was due was bad news regarding Future Retail deal. Perfect time to enforce correction. Anyways reliance has had its share of limelight and next stories could only be regarding increase in tariffs contributing to bottomline.
Technicals show the support line which was well respected yesterday and today reliance formed a Doji in the backdrop of CCI approval.
Remains to be seen in which direction it takes breakout of this Doji however levels are going to be 1600 on lower side and 2200 on upper side.
While 1600 would represent a great long term buy, closing above 2200 would mean fast further upmove to show new all time highs.
All in all good buying opportunity with 300 points Stoploss.
Reliance Industries - Deep CrabReliance Industries formed Deep Crab Pattern on Daily chart.
Those whose missed the bus, do not hurry to buy the stock at the current price , considering the resistance suggested by the pattern.
Let the stock settle for some time , will update buy levels , when gets some hints from price action.
Reliance Industries | Buy Reliance Industries hit lifetime high of ₹2,198.8 in July and since then, it has been moving in a sideways trend. Whatsoever, the stock is still bullish as it continues to trade above ₹2,000. It will most probably rally sooner or later.
Note: The Supreme Court is likely to says its verdict on AGR issue on September 2 and this can impact the stock price. Watch closely.