Observations:
-------->>the stock is trending upwards.
-------->> We have observed that the price is broken trendline, and retested the supply zone.
--------->> Previously a strong fall is observed from the zone 2490. if price falls below 2450 levels sell on retracement for the target2420 levels.
Keep an eye on these levels.
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This is a long term analysis on Reliance Industries on 4 hours TF
Buy only above breakout pivot range <2447 -2497>
For swing position target will be 2689, buy above 2497
For long term holding , buy on major breakout above 2689 , targets projected using Fibonacci levels are 3003/3320/3515
Long term investors should exit if Stoploss pivot range breaks <2246-2124>
This is a long term analysis on Reliance Industries on 2 hours TF
Buy only above breakout pivot range
For swing position target will be 2689
For long term holding , buy on major breakout above 2689 , targets projected using Fibonacci levels are 3003/3320/3515
Long term investors should exit if Stoploss pivot range breaks
Daily chart on bottom support
W
Pattern and buying volume,
above 2350 buying side
and stop loss previous candle low 2300
Those analysis are education purpose
if you take trade is your own risk.
learn and earn,....
Bulls will be entering at 200 MA area as its falling at Golden Ratio and there is also an intersection of two trendlines as confluence.
It will be a good opportunity for the ones who missed previous rally.
This is just my view and it doesn't mean any kind of trade recommendation.
Always consult your Financial Advisor before any kind of trading or investment...
reliance is a at ATH, now stock is consolidating, if good volume came then it may give breakkout, if volume missing then chances are price will come down.
