As per hourly chart, reliance is in impulse Wave 3, it is building up on a diagonal based upward trend which is likely to be broken once the demand will be fulfilled.
It is a good intraday opportunity for tomorrow.
Risk Reward: 1:3
Reliance hadn't participated in the recent rally and today it is rally despite the index being in red. Seeing a breakout here if closes at the current level or could retrace to previous support level of 945 breaking which it can go down till 910-20 level.
Investment Strategy:
Reliance Industries has been in a contracting triangle from
past 8 years, Break of this Triangle on the upside can be a
good indication to buy and hold for long term.
Elliott Waves Terms triangle often occurs in wave 4 as complex correction.
so we can expect wave 5 to create a new high
Target: 1800
Timeframe: yr-2019
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...
Reliance industries has been consolidating for almost 9 long years now...It is near to complete a large traingle most likely 4th wave...We can clear see a,b,c,d legs of traingle on mnthly charts with e leg itself being a traingle..There is lot of upside in reliance industries after completion of the large consolidation fourth wave traingle. Idea is to buy in dips...
