Reliance Buy @ 975 with stop loss of 945 for a target of 1060Reliance hadn't participated in the recent rally and today it is rally despite the index being in red. Seeing a breakout here if closes at the current level or could retrace to previous support level of 945 breaking which it can go down till 910-20 level.
Relianceindustries
Long term investment in reliance industriesInvestment Strategy:
Reliance Industries has been in a contracting triangle from
past 8 years, Break of this Triangle on the upside can be a
good indication to buy and hold for long term.
Elliott Waves Terms triangle often occurs in wave 4 as complex correction.
so we can expect wave 5 to create a new high
Target: 1800
Timeframe: yr-2019
Reliance Short : Simple Trend Based setup (Hourly)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 previous swing & 0.786 of current swing overlap each other in marked resistance zone.
I will enter on Monday if Price meets my Limit orders.
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Happy Weekend & Happy Trading !!