What reliance is doing on charts

4 thg 11, 2022

Hello everyone,

I have already shared Reliance analysis some couple of weeks ago.
Our view was bullish for a target of 2600 which was achieved easily.

You can re check that analysis for learning purpose.

Reliance is still at our target of 2600, which is actually a PRZ (price reversal zone) as per harmonics pattern XABCD.
Another interesting thing is the trendline you can see on chart.
I have drawn this trendline as per line chart. Both PRZ and Trendline is actually merging at the same point, making it a strong resistance as long as it is below that.

Today we get a weekly close which is actually still below this 2600 level (point D marked on chart),
so we have to be watchful with reliance as if we open flat on Monday, we might see rejection from this point again.

Best chance for upside is only if reliance opens gap up above 2600 and sustain above that with a retest.

Keep learning guys...
Have a nice weekend.