RELIANCE - Expection is high

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PCR - 0.75; High resistance at 1600 21 L OI.
Hanging man formation in weekly chart. Bullish engulfing pattern observed last day with vol showing strength closing abv last 3 days candle. MACD is showing +ve cross over to happen. Increase in vol observed after 1 week. In Daily chrt inv H&S formation is observed. 20,50, 100 DEMA slope is upward.
Have to wait for the BO level. If it cross above 1600 and sustains short covering rally will be seen.
At present NOTA. Wait for BO to happen before entering the trade.
*This is for educational purpose only.
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Has to close above 1620 to give panic to call writers at 1600.
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Move is on ...
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Book profit near 1680. Buy on dips again.
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Moved above the trend line.
Chart PatternseducationalTrend Analysis

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