#Reliance - Pure price action analysis
Hello everyone,
I can come up with a professional tortoise pattern on the chart or a pure professional price action chart.
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Coming to the chart and the analysis :-
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Currently, reliance is facing trend line resistance and horizontal resistance. It has sweetly rejected the line and formed a good rejection Pinbar candle followed by Doji on a 8 hour time frame.
This shows the weakness, and it might head towards the demand and support line back again. Talking about the support line, it has already tested multiple times as mentioned on the chart above, showing its weakness.
In case, if breaks above the Resistance line, another hurdle for bulls will be the liquidation zone. We can see how beautifully price was rejected from the liquidation zone as shown above. The bulls have to watch for the liquidation zone before showing any optimistic behaviour for the stock.
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Rest chart is self explanatory and you can trade accordingly. I know you all are smart. ;)
Also, please shower some love to keep me motivated and to come up with better and improved ideas every time.
Do give a like and comment.
Regards
I can come up with a professional tortoise pattern on the chart or a pure professional price action chart.
~~~~~~~~~~~~~~~~~~
Coming to the chart and the analysis :-
~~~~~~~~~~~~~~~~~~
Currently, reliance is facing trend line resistance and horizontal resistance. It has sweetly rejected the line and formed a good rejection Pinbar candle followed by Doji on a 8 hour time frame.
This shows the weakness, and it might head towards the demand and support line back again. Talking about the support line, it has already tested multiple times as mentioned on the chart above, showing its weakness.
In case, if breaks above the Resistance line, another hurdle for bulls will be the liquidation zone. We can see how beautifully price was rejected from the liquidation zone as shown above. The bulls have to watch for the liquidation zone before showing any optimistic behaviour for the stock.
~~~~~~~~~~~~~~~~
Rest chart is self explanatory and you can trade accordingly. I know you all are smart. ;)
Also, please shower some love to keep me motivated and to come up with better and improved ideas every time.
Do give a like and comment.
Regards
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