Chart patterns look good for a short trade in Reliance industries
REASONS
1. RELIANCE has been trading inside an Ascending Channel and currently it is down under its Downswing move inside the channel
2. There is a Monthly breakdown (shown in chart) out of a 5 year old trendline support
Monthly timeframe chart below-
3. In weekly chart shown below, we can clearly witness lower high and lower low formed recently confirming Bearishness!!
4. In daily timeframe, it is trading in the form of an Inverted Cup & Handle and its due for Breakdown!!
5. Target levels mentioned as Horizontal dashed green lines
6. SL can be day candle closing out of the purple slanting trendline
7. Safe Entry can be after 2hr Breakdown out of the Inverted cup & handle pattern.
Let's wait & watch, how it moves!!!
NOTE- Just Sharing my View....not a tip nor advice!!!!
REASONS
1. RELIANCE has been trading inside an Ascending Channel and currently it is down under its Downswing move inside the channel
2. There is a Monthly breakdown (shown in chart) out of a 5 year old trendline support
Monthly timeframe chart below-
3. In weekly chart shown below, we can clearly witness lower high and lower low formed recently confirming Bearishness!!
4. In daily timeframe, it is trading in the form of an Inverted Cup & Handle and its due for Breakdown!!
5. Target levels mentioned as Horizontal dashed green lines
6. SL can be day candle closing out of the purple slanting trendline
7. Safe Entry can be after 2hr Breakdown out of the Inverted cup & handle pattern.
Let's wait & watch, how it moves!!!
NOTE- Just Sharing my View....not a tip nor advice!!!!
ملاحظة
will update once breakdown for our entry occurs!!ملاحظة
Strong close above 2475 needed to wane off bears!!!ملاحظة
setup intact!!! ملاحظة
Probability % increasing for short trade!!!Entry after Solid breakdown!!!
تم فتح الصفقة
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تم فتح الصفقة
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1st Target Done!!!!تم فتح الصفقة
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good going till now!!!ملاحظة
1HR timeframe Inverted Cup & Handle ??!!ملاحظة
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breakout on upside!!!still the trend is bearish!!!
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Maintain the Strict SL of 2470 levelملاحظة
Maintaining the same stop loss 2470 (on day close basis)
Nifty at a juncture and reliance at its juncture(forming a weekly doji)
let's wait & watch!!!
تم حذف الأمر
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Next week move may be the direction decider!!!!
We can expect a Breakout/Breakdown in the next 2- 3 days
I am not yet Bullish on RELIANCE!!!
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Is this the Breakdown we expected ??!!!
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BREAKDOWN DAY CANDLE LOW TOO TESTED!!!2390 - SUPPORT
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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.