Reliance - Support Taken - moving in parallel channelReliance have taken support from 2369..which was strong support on daily and weekly chart.
On a higher side, RIL can touch 2640-2650 (channel Mid), then 2800-2864 and go up to 3000 (channel high). We can say RIL has taken reversal once it crosses 2600 and go long from there. RIL is strong fundamentally and also on a chart.
It is moving in a parallel channel.
On downside, it could fall further up to 2309 which is a channel bottom and good support. If it breaks down channel then it could go up to 2179 - S1, 2017 - S2 & further down up to 1829 - S3 which is very unlikely.
RELIANCE trade ideas
#Reliance #Channel #FIBO Reliance 1W: Today, In case of any dip, use this opportunity to buy / accumulate and hold from short term perspective. Then use 2305 as SL on closing basis. It has channel as well FIBO support. Though oscillators are neutral mostly will turn supportive for upswing. Keep eyes.
reliance industries Big Moment for tomorrowNSE:RELIANCE tomorrow, we can see a big downside moment in reliance industries if it crosses the trendline, the trend is for the downside also volumes are high if it doesn't take retracement from the level around 2395 then either we will see a breakout for the upside moment, right now chart pattern formation is accending double top, we will see more candle formation on Monday morning so the figure will come out more clearly.
Reliance long strategyNSE:RELIANCE is at the lower band of certain Fibonacci levels and is range bound currently.
Targe level: Fibonacci baseline about 2550.
it is Following strategy can be applied.
Buy reliance @ LTP Around 2400. sell above 2500.
Buy reliance PE 2300 @ about 40 currently.
The volatility in reliance is about 3-4%. If moves upward profit above 2440. If downward, put will help to recover.
keep Stop loss based on individual risk management capacity.
Hold for 2 weeks.