Reliance Industries Ltd is undergoing short term correction
RIL has completed the 5 legs impulsive structure to the upside and bounced lower from the key resistance area around 1600.
Now it's undergoing the short term correction to resume the bullish trend afterward.
It may develop 2 possible scenarios for the corrective action:
1. The correction will not be deep enough and could play inside the range for a while to breakout to the upside later on.
2. It may go down to the critical support zone ( 1300 - 1250 ) which coincides with the Fibo retracement of 50% and resume its bullish trend.
GOOD LUCK FOR YOUR TRADES !!!
PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
Now it's undergoing the short term correction to resume the bullish trend afterward.
It may develop 2 possible scenarios for the corrective action:
1. The correction will not be deep enough and could play inside the range for a while to breakout to the upside later on.
2. It may go down to the critical support zone ( 1300 - 1250 ) which coincides with the Fibo retracement of 50% and resume its bullish trend.
GOOD LUCK FOR YOUR TRADES !!!
PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA