Reliance analysis. In favor of short.
BULLISH:
Stock in uptrend.
Last candle took support from the resistance cum support level which is at 1320 levels.
BEAR:
Possible formation of bull trap where stock crosses the resistance level just to false out retail traders.
Above average volumes last on red candle.
Rejected from the BB upper band
Bear divergence in RSI and MFI.(this is a strong signal)
Stock in area of low volume in profile chart.This can reverse back to normal volume level at around 1263.
Conclusion:
Short below 1298.
Targets: 1259, 1225.
Stop: 1330.
Stock in uptrend.
Last candle took support from the resistance cum support level which is at 1320 levels.
BEAR:
Possible formation of bull trap where stock crosses the resistance level just to false out retail traders.
Above average volumes last on red candle.
Rejected from the BB upper band
Bear divergence in RSI and MFI.(this is a strong signal)
Stock in area of low volume in profile chart.This can reverse back to normal volume level at around 1263.
Conclusion:
Short below 1298.
Targets: 1259, 1225.
Stop: 1330.
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