NeeteshJain
Long

RCOM - Wave 3 in Progress After Completing ABC Flat Pattern

BSE:RCOM   RELIANCE COMMUNICATIONS LTD.
There is an opportunity to invest as the price action is moving up to Wave 3 after confirming and completing a regular flat corrective structure. Now we shall short corrections and high jumps in price movements.

Target 1: 56
Stop: 49
matjaz70
3 months ago
How cay you be so shure that the price will go beond 53,53 where is the reistance?
I am more in favor to short at 53 for swing.
Do you have any statistics about this trade?

Thanks Matjaz
Reply
NeeteshJain PRO
3 months ago
@Matjaz70 Earlier the price action was trending down and it was making lower lows. It made a low at 46 with double bottom and then starting rising and made higher high (labelled Wave 1) then it retraced back with ABC pattern and still was above the previous low of 46 hence made a higher low. This entire price action indicates strength and buyers coming back that are protecting prices to go further low. They are building up momentum and taking prices to higher high.

In case of shorting, I would suggest you to short once it breaks below Wave C (47.50) or previous bottom at 46. As for now, it is trending higher and it may have short retracement but high upward swings.

I hope the explanation clears out some of your doubts, incase you have further questions then do let me know. Regards.

I would also encourage you to join Trading View Indian Markets portal where you will find more technical charts on NSE and BSE stocks specially. Link to it is https://in.tradingview.com/
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