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Relianceindustries

RELIANCE--Head and Shoulders pattern(Right-Shoulder) Forms??Observations: -------->>the stock is trending upwards. -------->> We have observed a left shoulder formed at 2300 level. Now if price falls back to 2300 level and if the same is acts a support we will observe a Head and Shoulders pattern in Reliance. --------->> Previously a strong fall is observed from the zone 2425-2455.If the same zone is acts as resistance we will observe a fall in reliance up to 2300 Zone. ------>> we have a demand zone @2360-2380 level which can act as a pullback to the same zone(2425-2455). and price may fall back to 2300 levels very quickly from this zone. Keep an eye on these levels.
NSE:RELIANCE
by IIT-Trader
Reliance- failed to create a strong High falls below 2350 ??Observations: A strong sell off is observed after opening gap up , so will expect a downward momentum in reliance to the level 2290. The RELIANCE has been trending upwards, but recently it broke through the higher low level at 2342 and dropped to a low of 2326. However, the previous supply zone at 2326 has acted as a demand level, causing the price to rise weakly towards the upside. At this point, it is uncertain whether the stock will continue to move higher or form a lower low. Further analysis is required to determine the likely direction of the price movement. Note: As of now it is in bullish, slightly turned to be bearish as a low is formed and weak momentum is observed towards high.
NSE:RELIANCE
by IIT-Trader
RELIANCE-Will create a lowerlow or continue upside.The RELIANCE has been trending upwards, but recently it broke through the higher low level at 2342 and dropped to a low of 2326. However, the previous supply zone at 2326 has acted as a demand level, causing the price to rise weakly towards the upside. At this point, it is uncertain whether the stock will continue to move higher or form a lower low. Further analysis is required to determine the likely direction of the price movement. Note: As of now it is in bullish, slightly turned to be bearish as a low is formed and weak momentum is observed towards high ,it may create lower low or can rise towards a strong level of resistance at 2400.
NSE:RELIANCE
by IIT-Trader
Reliance Ready for -35% Down Move from here..?Reliance/INR Chart Analysis :- Based on the chart analysis, Reliance is currently trading at ₹2322 and has broken the support level. This could lead to a big down move in the coming months, but there may be good buying opportunities for the long term around ₹1500-₹1600. The 0.50 Fib Retracement level is at ₹1584, which could lead to a strong bounce from that level. However, this analysis will only hold true if Reliance breaks the ₹2607 level. My key levels for Reliance:- support at ₹2218/₹1897/₹1584 and Resistance at ₹2680 Don't forget to like and appreciate my hard work, and follow me for the latest real-time updates on cryptocurrencies. Thank you!
NSE:RELIANCEShort
by CryptoPatel
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