Reliance. Only a matter of WHEN not IFFor Educational purposes Only:
Ascending channel patterns:
Or rising channels are short-term bullish in that a stock moves higher within an ascending channel, but these patterns often form within longer-term downtrends as continuation patterns. The ascending channel pattern is often followed by lower prices, but only after a downside penetration of the lower trend line. The stock will continue channeling upward until it is able to break either the upper or lower trend line.
Keeping that in mind ascending channels are notorious for taking your SL , but make hay while the sun shines. buy from intraday support or wait for the breakout or breakdown. One can almost mistake the structure of reliance and nifty 50 to be twins. But thats just because of Ambani's weightage in Nifty. If you dont know what "weightage" is you should not be looking at this chart or trading.
I neither have the time nor the crayons to explain this to you. #meanDaddy
