This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels. We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend. Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other. 0.382 Fib level of...
Reliance industries has been consolidating for almost 9 long years now...It is near to complete a large traingle most likely 4th wave...We can clear see a,b,c,d legs of traingle on mnthly charts with e leg itself being a traingle..There is lot of upside in reliance industries after completion of the large consolidation fourth wave traingle. Idea is to buy in dips...
Reliance @buy 964 to 972 stoploss 955 target 1000
Looks like a bullish bat on reliance bouncing off .886 at 831