Reliance Swing Trade opportunity Reliance is currently trading at 2384 as of February 9. If you look at the above chart you can see that RELIANCE just took SUPPORT from the TRENDLINE. Reliance can go up till the blue color TRENDLINE and can consolidate there for 2 to 3 days and from there it can give a breakout. If it breaks the blue Trendline then from there it will give a good up side momentum nothing but at least 10%.
NOTE-
Entry- 2350-2425
Stoploss- 2250
1st Target- 2570
2nd Target- 2700
Will keep updating the results.
KEEP FOLLOWING
RLI trade ideas
RELIANCE LONGReliance will try for the third time to break the above trendline.
Good R:R from this point but a little bit risky as well.
Trade safe. Manage risk. Be profitable.
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Disclaimer :- This is just my view. Please analyze charts yourself and then decide to take any trades.
RELIANCE INDUSTRIES Bullish Or bearish ??1. RIL is forming a Bullish triagular pattern and will breakup .
2. Lower level is 2361 and higher is as indicated and may baounce back to base before moving up
3. by apruil may breakout from the pattern till than keep accumulating at lower levels as SIP
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LIKE IF You AGREE
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Relience taking SupportRelience taking Support at major SR level.
Made bullish candlestick in daily TF with good volume (higher than previous days).
Also taking Support at trend line.
Also @200 MA in daily TF.
Made base in smaller tf with Cup and handle pattern.
Also broke resistance trend line while closing session with high volume.
Market sentiments are bearish but expecting reversal in coming days.
A good swing trade can be taken after previous days high in broke with good volume.
Will wait for retest if open gap up.
Reliance triangle breakout reliance was getting support at same level since last week and broke out of the triangle pattern today , interestingly RSI also crossed the trend line expecting an upmove after a consolidation/ retest of the trend line( if overall market is bearish) . seems an opportunity to enter for short term ..