Elliott Wave Outlook for RELIANCETechnical Analysis of Reliance Industries (RELIANCE) based on Elliott Waves
This analysis is based on Elliott Wave Theory and is for educational purposes only. It does not constitute financial advice. Investing involves risk, and past performance is not indicative of future results. Always consult with a financial advisor before making any investment decisions.
Elliott Wave Analysis
The provided chart of Reliance Industries (RELIANCE) outlines a potential Elliott Wave pattern within a 1-hour timeframe. Elliott Wave Theory suggests that financial markets move in predictable and repeatedly patterns based on investor psychology.
Key Observations:
1. Impulse Wave: The primary uptrend appears to be an impulse wave, a five-wave structure.
Wave 1: The initial uptrend from the low point.
Wave 2: A minor correction or pullback.
Wave 3: A strong extension of the uptrend.
Wave 4: A smaller correction.
Wave 5: The final wave of the impulse, often ending with a climactic price movement.
2. Corrective Wave: The current downward movement was a zigzag corrective pattern.
Wave A: The initial decline.
Wave B: A minor retracement.
Wave C: The expected continuation of the downward trend.
Potential Scenario:
If the current corrective pattern zigzag finishes here or near, then further wave ((3)) is to start post completion of wave (C) of ((2)), and it would not go sudden upside, because any impulse wave unfolds in five subdivisions, so wave (1) of wave ((3)) can start any time post completion of wave (C) of wave ((2)).
Note: This analysis is based on a specific interpretation of the Elliott Wave pattern. Other analysts might have different interpretations. It's crucial to use multiple tools and indicators to confirm your analysis.
Additional Considerations:
Fundamental Analysis: Consider factors like company earnings, industry trends, and economic indicators to support your technical analysis.
Risk Management: Always use stop-loss orders to limit your potential losses.
Diversification: Don't put all your eggs in one basket. Diversify your investments across different assets.
Remember: Elliott Wave analysis is a complex tool that requires practice and experience. It's essential to approach it with caution and always consider the potential risks involved in trading.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Reliancelong
Reliance Looking Good...Buy REL at current level and all dips
Target1 - 3000
Target2 - 3200
Target3 - 3627 (if close above 3210)
Disclaimer :-
I am not SEBI registered. The information provided here is for education purposes only.
I will not be responsible for any of your profit/loss with this channel suggestions.
Consult your financial advisor before taking any decisions
RELIANCE (Reliance Industries Limited) - Swing TradeClosing Price: ₹2,972.1
Change %: 1.74%
Volume: 7,304,130
High: ₹2,984.45
Reliance Industries, a market heavyweight, saw a 1.74% increase, closing close to its intraday high. The considerable volume signifies robust investor confidence. Given Reliance's diversified business portfolio and market influence, the stock is likely to maintain its upward momentum, making it an attractive swing trade option.
Kindly conduct thorough analysis and consider market conditions before making any trading decisions.
RELIANCE--Rising Wedge??Rising wedge bearish pattern is observed in this stock..
This stock is showing strong bullishness from the demand areas at 2600 levels.
A strong bullishness is observed after broken the trendline previously
and a continuous move is identified.
So look for long in this stock from the demand Areas.
Reliance--S/R levelsI am sharing the important levels of Support and Resistance. These levels plays a crucial role in trading decisions, as they act as reliable markers of price movements.
------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further.
---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher.
Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies.
Trade safe...Thank you guys for your support
Reliance--Bulllish or Bearish??This stock is completely bullish now,a strong break above the major resistance is observed recently. Strong bullish move is observed from 2500-2600.
Price is likely to test this demand zone again.
On topside price is facing resistance in the form of trendline.keep looking for buy when price tested these levels.
If consolidation happens on topside price is likely to continue moving upside chances or more.
Reliance--Resistance @2400 ??I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements.
------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further.
---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher.
Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies.
Trade safe...Thank you guys for your support
RELIANCE--@ Strong Demand??The stock price is now enters in demand zone, where price is strongly moved to the upside...
Find long opportunity in this demand area...
on top side we have a trendline acting as a resistance...
so be careful with this resistance, may have a chance of pushing the price down...
keep safe....
Note:: There is no guarantee that this zone push the price up...sometimes it opens below and continue to down...so careful here.
RELIANCE--Near Its Demand Zone?? look for buy when price test this demand Zone.
I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements.
------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further.
---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher.
Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies.
Trade safe...Thank you guys for your support.
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RELIANCE--Head & Shoulders Pattern ??After a strong trending movement from few weeks,
price is near its resistance level,
now it is in the form of Head and Shoulders pattern..which is a reversal pattern..
wait until price breaks the Neckline and retest...then will enter for Short side...
keep track this for Short side, if breaks neckline...until wait and watch.
RELIANCE AnalysisObservations::
previous resistance is acts a support and the price is moved up...
a strong fall is noticed from the zone 2580-2570,
price broken this zone with strong momentum, and tested again..keep on buy side until this breaks.
if price is not able to move upside again from this zone will go for side...
A demand zone is observed at 2540 level...
if suddenly price falls.. this gives support.. look for buy on this zone...
RELIANCE--2500 or 2400 ??Observations::
----the stock is in the resistance zone...where previously strong sell of is observed in this zone..
today a strong bearish candle is observed from this zone..
If price fall below 2500 zone, and not able to break 2600, then look for sell in these zones.
(2520-2500 range)
If price is not able to break above after taking support from 2520-2500 levels, short side up to 2400.
RELIANCE--Double Top Formation??------->>----->> Can we consider this as double top ??
------>> Failed to create a new high and falls heavily to the below levels.
if demand acts as supply @ 2470-2460 levels, we will observe a fall again towards 2420 and 2370 levels.
@ 2370 Levels we have identified a strong rise in this stock price, will again push the price towards higher levels.
keep track these two levels.
RELIANCE BULLISH BREAKOUT | 10% UPSIDE POTENTIAL | SWING TRADEThe price has recently broken and closed above the resistance level of 2480.
Reliance was trading in a downtrend, but this breakout marks the FIrst HIGHER HIGH, the beginning of a new uptrend.
NIFTY is also trading above its resistance level, which gives more confidence that Reliance may go up in coming days, as Reliance has heavy weightage in NIFTY INDEX.
Long entries can be opened as long as price is trading above 2840.
Stop loss
1. For aggressive traders- daily close below 2480
2. For conservative traders- below 2410
Targets
1. 2600
2. 2750
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.