Reliance Industries Ltd Seems have more pain.
Reliance industries chart I had uploaded earlier too. It was looking in wave 4 of correction.
The retracement for wave 4 is considered to be around 38-50%.
I have taken 38.2 % which comes around 1856, level is marked with green line.
This is not a buy/sell recommendation. only for educational purpose.
Please read the...
⚡️Early Signs of Top Formation
⚡️ Stage-4 may be confirmed below the 2000-2030 zone only
⚡️If it enters in Stage-4, it may go toward 1500-1600 zone
⚡️Except Covid Crash, first-time price sustained below 200 DMA &Weekly RSI below 40
⚡️ Looks like Reliance Chart follows 78-80 Week time cycle
⚡️The current time cycle is about to complete in next 2-4 weeks
Reliance/INR Chart Analysis :-
Based on the chart analysis, Reliance is currently trading at ₹2322 and has broken the support level. This could lead to a big down move in the coming months, but there may be good buying opportunities for the long term around ₹1500-₹1600.
The 0.50 Fib Retracement level is at ₹1584, which could lead to a strong bounce from that...
Reliance ind 1 month chart in which stock is trading at near strong support zone. It's a monthly swing high support I will go long with small stop loss 2280. can gain short term gain. No short view untill it starts trade below 2280.
While the price is above the support 2306 price is expected to fall as the current support will get broken
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RELIANCE.
Correction cycle towards 1900 level. Below 1850, could extend towards 1650 level. The stock is forming a WXY corrective pattern.
The analysis is based on the Elliott Wave Theory.
While Reliance can go higher in the short run, in the longer run, the structure is extremely week. Watch the 20MMA. The last time Reliance closed below is with MACD in sell... Well the chart shows what happened
Reliance on a weekly chart is moving in a fixed channel for a long time.
2350 is a crucial level for reliance if it breaks we can see a good downfall in this stock. And if it bounces back from this level, the previous high of 2800 level can be expected.
Trade safe. Manage risk. Be profitable.
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RIL ( Reliance Industries ) is performing Good at his levels to the estimate Target for Swing Trading is 2680 🎯
Note : This is just for Backtesting and Educational Purpose Only.
