Reliance Share Price & Technical Analysis

                                                Reliance Technical Analysis

Respected Trader&Investor,

Reliance industry one of the largest industry in India,

Today I will discuss about this industry with Technical Analysis.

Technical analysis pure based on Technical Tools.

Let’s began…

In weekly chart ,which you can see on this picture. Reliance chart, break down their trend line support area. At the same time RSI trend line break down also.

In this situation Seller may be falling  trap, because this is a correction period, or profit booking period.

During this period ,maximum seller, who created short position at near about 2500.

And now they are booking their profit or may be trilling their profit.

So, this time new position will be above 2480 for buying .

Now we will know about  next position With using this picture bellow:

Traders have known ,that ‘W’ pattern or ‘M’ pattern on candlesticks chart or on RSI .

Many trader consider this type pattern as Elliott Waves .They things ‘W’ pattern and ‘M’ pattern one of the part of eleit waves theory.

Whatever, according to above this picture we may trade on it, with using a proper Stop Loss Area.

Medium short term or Swing Trading would be easily knowledgeable, if you know about “Higher-High “or “Higher-Low”, pattern.

This picture may be giving you a clear guide (bellow):

In this situation Profitable Trader keep their trailing Stop-Loss bellow “HL” in Buy position.

And they also set their trailing Stop-Loss above “LH” in Short Position.

I hope, you got it clearly. Please practice it, Search it from many stock, like –Nifty-500 stocks, Nasdq-100/30, commend me where you feel difficult.

Sir!! Always remember one things, Success may be hidden behind a little word.

Whatever, next I have another report on this Stock. We know very well the Candle Stick Pattern, like-

“Morning Star” or “Evening Star”. Believe me This type pattern works 80% time, But time-frame very depended on it.

Now, I will give you a clear view with using this picture below:

 On this picture, Left side candlesticks pattern called “Morning- Star” you know, which covert by a circle. It is a trend reversal pattern.

It means, stock will goes up with creating Higher-High and higher low formation.

In present situation “Reliance” chart may create this type pattern on right side, which is mention by a circle ,which is clearly visible above the picture.

So we can take a long position, when this type pattern or situation will create.

 

 

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