Relianceindustries
Reiance - short termObservation:
1. Strong 3rd support at Rs.1874
2. 2nd support at Rs.2039
3. 1st support at Rs.2352
4. Formed Elliott wave 12345 pattern in DAILY timeframe, followed by correction wave (ABC)
5. After ABC, two bullish candle formed in daily with the help of volume spike (see right below).
6. Looks confirmation to go up of atleast 10% - Rs.2630+ in near term
RIIL - Long viewTrading idea for the stock
Buy: 757
Target: 804
Stop loss: 747
Profit: 4700
Loss: 1000
Risk/Reward: 1:4.7
Quantity: 100
Look for booking partial profit at 780 levels and then trail the rest.
R1 - 782.90
R2 - 824.10
R3 - 906.50
S1 - 659.30
S2 - 576.90
S3 - 535.70
Ruel Fernandes
ruelfernandes@gmail.com
9819683693
RELIANCE - Re-Test Structure - Swing Trade The analysis is done on Daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Checkout my other ideas to understand how one can earn from stock markets with simple trade setups. Feel Free to comment below this or connect with me various platforms for any query or suggestion regarding this stock or Price Action Analysis.
Next week Target 17720 ? Weekly Wrap #Nifty50 6th Sept 21 first step of a successful trader is to build a Trade plan & review what he has done.
This is my Trade Journal . (education purpose for all )
Trade plan
Nifty 50 : Trend is Up - Buy on dip ( see video for details )
Jai Hind.
Disclaimer :
This video is only for educational purposes. Please consult your financial advisor before you take any trade
Reliance Reliance has given a fresh breakout with good intensity of volume, one can go long at these levels or in dips with stoploss of 2010, for targets of 2158 to 2620, mentioned on chart.
Key Levels are Mentioned on chart
Breakout with Good intensity of Volume
Macd in daily positive crossover and Uptick and also above zero line
Price touched upper bollinger band
Positive Dmi and adx Ungali setup
Rsi ready to cross near 60
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing