lower limit- 2181.25
upper limit- 2753.25
cmp- 2455.20
gain- 12.1% from cmp
Rangebound trading strategy in reliance, target will be achieved by 18/08/23
This is a long term analysis on Reliance Industries on 2 hours TF
Buy only above breakout pivot range
For swing position target will be 2689
For long term holding , buy on major breakout above 2689 , targets projected using Fibonacci levels are 3003/3320/3515
Long term investors should exit if Stoploss pivot range breaks
Long above 2406, Keep trailing profits on the resistances drawn, SL 2380
Short below 2386, Keep trailing profits on the supports drawn, SL 2410
You can do scalping on the lines drawn
Long above 2421, Keep trailing your profits on the markings drawn in the chart, SL 2399
Short below 2400, Keep Trailing your profits on the markings drawn in the chart, SL 2415
NOTE : Please wait to understand the trend in the market and then take a trade.
NSE:RELIANCE Reliance Inds. Stock is made a huge upward move last week with close to 64m volume, such huge volume was last a year back in June last year.
This clearly shows big player entering into the stock and also rising crude prices can help RIL earn good profits.
From Weekly charts you can see, NSE:RELIANCE being trading between two trendlines and its...
RELIANCE : Facing resistance
After opening today with good volume Reliance is stuck in range.
Reliance getting major resistance to cross 2725-2735. It needs to cross and sustain for further up move.
If it breakdown from here, we may see 2680, 2650
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Disclaimer
I am not sebi registered analyst
My studies are Educational...
The stock has crested a good base at the level range of 2240 levels.
As you can see the stock has taken support around this area and moved upwards.
It reached a high of 2751 levels before crumbling to huge selling pressures.
The stock is trying to make its way back to the top.
I have presented my views on the chart with levels that can help you take your...
the price seem to be retracing from its long term rally and now it is falling up to 61.8% of the Fibonacci retracement
if the price started to rally from the place where it is now we can target 3290 directly but if it retraces to lower supports then we can target 1 TP after the retracement
Opening above 1600 can take stock to 1650 levels.
Opening below 1570 can take stock to 1540-1530 levels.
Flat opening can make stock trade sideways in between 1600- 1570 levels.
