Reliance Industries Ltd - Breakout Opportunity
Date: 20-Aug-2024
LTP: Rs. 2,991.90
Targets: (1) Rs. 3,217 --> (2) Rs. 3,434
SL: Rs. 2,768 on daily close basis
Technical View:
•
RELIANCE is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 3,217.60 on 8-Jul-2024, it has retraced 11% to 2,866.50 level.
• On 19-Aug-2024,RELIANCE has broke out from its secondary down trend with higher than average volume and closed above 20 DMA.
• On 20-Aug-2024, RSI has entered the buy zone and trading at 50.78.
• On 20-Aug-2024, MACD has crossed over it's signal line.
• Looking good to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 2,991.90
Targets: (1) Rs. 3,217 --> (2) Rs. 3,434
SL: Rs. 2,768 on daily close basis
Technical View:
•
RELIANCE is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 3,217.60 on 8-Jul-2024, it has retraced 11% to 2,866.50 level.
• On 19-Aug-2024,
RELIANCE has broke out from its secondary down trend with higher than average volume and closed above 20 DMA.• On 20-Aug-2024, RSI has entered the buy zone and trading at 50.78.
• On 20-Aug-2024, MACD has crossed over it's signal line.
• Looking good to start a new swing from here.
Like the analysis? Boost/Like the idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.