RELIANCE to Dip via Inverted Cup & Handle ??!!
מעודכן
Chart patterns look good for a short trade in Reliance industries
REASONS
1. RELIANCE has been trading inside an Ascending Channel and currently it is down under its Downswing move inside the channel
2. There is a Monthly breakdown (shown in chart) out of a 5 year old trendline support
Monthly timeframe chart below-
3. In weekly chart shown below, we can clearly witness lower high and lower low formed recently confirming Bearishness!!
4. In daily timeframe, it is trading in the form of an Inverted Cup & Handle and its due for Breakdown!!
5. Target levels mentioned as Horizontal dashed green lines
6. SL can be day candle closing out of the purple slanting trendline
7. Safe Entry can be after 2hr Breakdown out of the Inverted cup & handle pattern.
Let's wait & watch, how it moves!!!
NOTE- Just Sharing my View....not a tip nor advice!!!!
REASONS
1. RELIANCE has been trading inside an Ascending Channel and currently it is down under its Downswing move inside the channel
2. There is a Monthly breakdown (shown in chart) out of a 5 year old trendline support
Monthly timeframe chart below-
3. In weekly chart shown below, we can clearly witness lower high and lower low formed recently confirming Bearishness!!
4. In daily timeframe, it is trading in the form of an Inverted Cup & Handle and its due for Breakdown!!
5. Target levels mentioned as Horizontal dashed green lines
6. SL can be day candle closing out of the purple slanting trendline
7. Safe Entry can be after 2hr Breakdown out of the Inverted cup & handle pattern.
Let's wait & watch, how it moves!!!
NOTE- Just Sharing my View....not a tip nor advice!!!!
הערה
will update once breakdown for our entry occurs!!הערה
Strong close above 2475 needed to wane off bears!!!הערה
setup intact!!! הערה
Probability % increasing for short trade!!!Entry after Solid breakdown!!!
עסקה פעילה
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עסקה פעילה
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1st Target Done!!!!עסקה פעילה
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good going till now!!!הערה
1HR timeframe Inverted Cup & Handle ??!!הערה
הערה
breakout on upside!!!still the trend is bearish!!!
הערה
Maintain the Strict SL of 2470 levelהערה
Maintaining the same stop loss 2470 (on day close basis)
Nifty at a juncture and reliance at its juncture(forming a weekly doji)
let's wait & watch!!!
הפקודה בוטלה
הערה
Next week move may be the direction decider!!!!
We can expect a Breakout/Breakdown in the next 2- 3 days
I am not yet Bullish on RELIANCE!!!
הערה
Is this the Breakdown we expected ??!!!
הערה
BREAKDOWN DAY CANDLE LOW TOO TESTED!!!2390 - SUPPORT
הערה
כתב ויתור
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