Reliance side ways movement expected....This is a weekly chart of reliance seeing a range bound move through weeks...
SUpp resis and trendlien plotted..........
Enjoy......
Relianceindustries
RELIANCE - BUY IN DIPSReliance is a good buy in the dips around the support region, in the last few trading sessions, we have seen huge selloffs and profit booking but the price has been making higher lows since the last couple trading sessions. It's on the road to recovery but will find it challenging to break the resistance which has formed over the last 3-4 months of trading.
We are not expecting any major news for the price to breakout quickly which happened in the last few months. There's still the saudi aramco deal to go through which may come as a suprise to anyone on the market.
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.
buy reliance ind above 1966.25 target is 1980 or moreplease buy reliance above 1966.25 tgt is 1980 or more sl is 10 points
Reliance - Unable to Come out of Doji RangeReliance has again crossed 9DEMA and closed just below it. A short term play could be:
Long on closing above 1985 (21DEMA) with Stoploss at 1935 (Support Line).
Target 2047 (Fibo Retracement Levels)
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 Second Doji FormationReliance has formed second Doji today. Still not able to clearly depict the movement. Same is the case with Nifty.
Look out for breakout either side for targets of either 2200 or 1600.
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.
trend analysis 2020 bullish trend was rising inside a parallel channel but it had breakout that channel and making correction to bullish trend
correction wave are five impulsive wave which are ready to rest resistance which are at 50% fib retracement of trend.
Reliance Buy I will buy Reliance at current price or 1845 and hold it for 2002 with stop loss of 1800
RELIANCE 1440?RELIANCE broke 200 day linear regression slop(major trend) and correcting now in WXY wave down
20 day LRS(DOWN) gives the direction of the stock movement until Jan 4th 2021 Target 1440(61.8% of previous up move)
RELIANCE 1620As wave A completed as per my previous post (1820),RELIANCE supported @1835 and bounced for wave B .Next wave to emerge as wave C
which will drag this stock to 1620 and that will be BEST to buy on 28/31th DEC 2020
RELIANCE -Key levels Hello Everyone! I am expecting more downside from reliance . And key levels to watch is 1800 -1600. Once it breaks trendline , can give more downside move . SO stay cautious and be ready to accumulate
Reliance IndustriesThe pull back seems incomplete
Buylimit @1869 s/l 1835 tp 1960 would be a better bid
Good trading
Noufal Mandalil
LONG RIGD (Reliance Industries)Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Reliance Target +2100RSI At the lowest level you can see on the chart and according to my experience I can say 2100 price will hit very soon...So invest and hold for a few days...Best of luck.
