Reliance 50% Retracement PossibleThere is a Possibility of 50 % Retracement in Reliance to around 1150 levels, It will also act as a structure test, Some Really Good Selling Patterns are also coming up in daily charts...
Relianceindustries
Reliance Industries Ltd Triangle Pattern WeeklyHi Everyone,This is my first idea I will post more regarding indian stocks and some currency pairs, looking at reliance it looks like in corrective phase after highly impulsive move to up side and making abc correction with b in triangle pattern so we are waiting for completion of pattern by breaking this pattern to downside for our c leg and then rally up for next impulse. You can look for sells on lower time frame,wait for correction on lower time frame then sell. Good luck! www.tradingview.com
Reliance Wave Analysis 03 AUG 2016Reliance on the way from 2008 to till date fell in to the TRIANGLE pattern. Pattern maturity date very close to broke the pattern either side. But as per my wave count reliance going to trigger next bear rally on INDIAN MARKET.
November - 2016 play an major role on reliance.
Reliance Buy @ 975 with stop loss of 945 for a target of 1060Reliance hadn't participated in the recent rally and today it is rally despite the index being in red. Seeing a breakout here if closes at the current level or could retrace to previous support level of 945 breaking which it can go down till 910-20 level.
Long term investment in reliance industriesInvestment Strategy:
Reliance Industries has been in a contracting triangle from
past 8 years, Break of this Triangle on the upside can be a
good indication to buy and hold for long term.
Elliott Waves Terms triangle often occurs in wave 4 as complex correction.
so we can expect wave 5 to create a new high
Target: 1800
Timeframe: yr-2019
Reliance Short : Simple Trend Based setup (Hourly)This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels.
We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend.
Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other.
0.382 Fib level of previous swing & 0.786 of current swing overlap each other in marked resistance zone.
I will enter on Monday if Price meets my Limit orders.
Hit Likes if you agree / Comment your views & Opinions
Happy Weekend & Happy Trading !!
