Reliance Industries tests the demand zone before the results day
Reliance Industries are out tomorrow. The stock has fallen more than 3% to test the potential reversal zone of the harmonic pattern XABCD or the demand zone.
As we can see, in the last hour price has bounced off the zone with good volumes. The price has to stay above this zone or else it could test 2500 or even lower by the long unwinding. If sustained above the zone, could even take out the ATH.
Shark patterns often come when the corrections are sudden and deep, which is perfectly suited in this case.
Maintain strict stoplosses though.
Happy trading :)
This is just for educational purposes.
As we can see, in the last hour price has bounced off the zone with good volumes. The price has to stay above this zone or else it could test 2500 or even lower by the long unwinding. If sustained above the zone, could even take out the ATH.
Shark patterns often come when the corrections are sudden and deep, which is perfectly suited in this case.
Maintain strict stoplosses though.
Happy trading :)
This is just for educational purposes.
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