RELIANCE - Cup & Handle Breakout Long

RELIANCE INDSNSE

Description

⋅ Apr 20, 2020 5:26 PM

Reliance Industries (NSE:RELIANCE) seems to be breaking out of a bullish cup & handle pattern. Can be bought on retest of the neckline at 1230 levels for an initial target of 1325.

Trade closed: target reached

⋅ Apr 22, 2020 3:59 AM

Thanks to Facebook, the target was reached earlier than normal.

Comments

nimmu

⋅ Apr 21, 2020 3:55 PM

Cup and handle should form at the top of an uptrend.
Otherwise not valid. Thanks

ashwinjain1

⋅ Apr 22, 2020 4:01 AM

@nimmu, Agree that C&H are usually seen as a pause in uptrends but sometimes, they are also seen as a reversal signal after a sustained downtrend.