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!!!!
Comment:
will update once breakdown for our entry occurs!!
Comment:
Strong close above 2475 needed to wane off bears!!!
Comment:
setup intact!!!
Comment:
Probability % increasing for short trade!!!
Entry after Solid breakdown!!!
Entry after Solid breakdown!!!
Trade active:
Comment:
Trade active
Comment:
1st Target Done!!!!
Trade active
Comment:
Comment:
good going till now!!!
Comment:
1HR timeframe Inverted Cup & Handle ??!!
Comment:
Comment:
breakout on upside!!!
still the trend is bearish!!!
still the trend is bearish!!!
Comment:
Maintain the Strict SL of 2470 level
Comment:
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!!!
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!!!
Order cancelled
Comment:
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!!!
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!!!
Comment:
Is this the Breakdown we expected ??!!!
Is this the Breakdown we expected ??!!!
Comment:
BREAKDOWN DAY CANDLE LOW TOO TESTED!!!
2390 - SUPPORT
2390 - SUPPORT
Comment:
