This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels. We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend. Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other. 0.382 Fib level of...
IT HAS MADE A CLEAR BREAKOUT FROM THE PREVIOUS ON-GOING ASCENDING TREND CHANNEL, WHICH STATES A CHANGE IN TREND. RISK-REWARD: 1:4
Points noted on daily chart, 1. Harmonics 2. Fibonacci Extension 3. Structure - Bearish Formation
AFTER A MORE THAN 28% CORRECTION, THE PRICE IS AT PREVIOUS SUPPORT LEVEL. I EXPECT AN UP MOVE TO TARGET OF 74.60. KEEP SL AT 62.50
Reliance is at upper level of channel and near old Supply area. the trade on long side is not giving good risk to reward ratio. where as short trade may give more points move in price. Levels are marked on chart.