Reliance after forming three Doji in last five trading sessions of November remains locked inside the marabozu candles levels.
RSI about to breakdown below 40
No longs to be initiated before closing above 1985
Lower levels are open as soon as the support line is broken on closing basis.
Finally Reliance cleared it's direction after three Dojis towards down side by breaking all three Doji lows of 1920 in intrady and RSI is now below 40 again.
It's all set to test recent low of 1835 on Tuesday itself and then next two are fibo Retracement levels of:
61.8% - 1795
50% - 1680
Excellent buying opportunity below 1680 once RSI starts the Support sign.
#Reliance formed a third Doji in last four days of Trade. There is strong clash between bulls and bears within the range of 1980 to 1920.
With expiry keeping things unclear, the #December series can see sharp moves in either direction once this range is broken on closing basis either side.
Ultimate targets remain the same - 1600 on lower side and 2200 on upper...
Reliance has been correcting continuously after the rumours of health issues of Mukesh Ambani. The undercurrent however was rationalisation and consolidation after a solid upmove.
The news flow stopped and whatever was due was bad news regarding Future Retail deal. Perfect time to enforce correction. Anyways reliance has had its share of limelight and next...
AS YOU CAN SEE RELIANCE IS AT ITS MAJOR RESISTANCE AND ITS ALSO NEARLY 60% UP FROM ITS PREVIOUS LOW WHICH MEANS FIBONACCI RETRACEMENT POINT IS ALSO ACTIVE HERE SO THERE IS EXPECTED BREAKDOWN IN RELIANCE AND IT MIGHT BE A SMALL CORRECTION.
ITS ONLY FOR EDUCATIONAL PURPOSE