Reliance Doji Formation - Ready to Breakout - 2200 Vs 1600
Reliance has been correcting continuously after the rumours of health issues of Mukesh Ambani. The undercurrent however was rationalisation and consolidation after a solid upmove.
The news flow stopped and whatever was due was bad news regarding Future Retail deal. Perfect time to enforce correction. Anyways reliance has had its share of limelight and next stories could only be regarding increase in tariffs contributing to bottomline.
Technicals show the support line which was well respected yesterday and today reliance formed a Doji in the backdrop of CCI approval.
Remains to be seen in which direction it takes breakout of this Doji however levels are going to be 1600 on lower side and 2200 on upper side.
While 1600 would represent a great long term buy, closing above 2200 would mean fast further upmove to show new all time highs.
All in all good buying opportunity with 300 points Stoploss.
The news flow stopped and whatever was due was bad news regarding Future Retail deal. Perfect time to enforce correction. Anyways reliance has had its share of limelight and next stories could only be regarding increase in tariffs contributing to bottomline.
Technicals show the support line which was well respected yesterday and today reliance formed a Doji in the backdrop of CCI approval.
Remains to be seen in which direction it takes breakout of this Doji however levels are going to be 1600 on lower side and 2200 on upper side.
While 1600 would represent a great long term buy, closing above 2200 would mean fast further upmove to show new all time highs.
All in all good buying opportunity with 300 points Stoploss.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.