RELIANCE to Dip via Inverted Cup & Handle ??!!

Chart patterns look good for a short trade in Reliance industries

REASONS

1. RELIANCE has been trading inside an Ascending Channel and currently it is down under its Downswing move inside the channel
2. There is a Monthly breakdown (shown in chart) out of a 5 year old trendline support

Monthly timeframe chart below-

3. In weekly chart shown below, we can clearly witness lower high and lower low formed recently confirming Bearishness!!

4. In daily timeframe, it is trading in the form of an Inverted Cup & Handle and its due for Breakdown!!

5. Target levels mentioned as Horizontal dashed green lines

6. SL can be day candle closing out of the purple slanting trendline

7. Safe Entry can be after 2hr Breakdown out of the Inverted cup & handle pattern.

Let's wait & watch, how it moves!!!

NOTE- Just Sharing my View....not a tip nor advice!!!!

Ghi chú

will update once breakdown for our entry occurs!!

Ghi chú

Strong close above 2475 needed to wane off bears!!!

Ghi chú

setup intact!!!

Ghi chú

Probability % increasing for short trade!!!
Entry after Solid breakdown!!!

Giao dịch đang hoạt động

Ghi chú

Giao dịch đang hoạt động

Ghi chú

1st Target Done!!!!

Giao dịch đang hoạt động

Ghi chú

good going till now!!!

Ghi chú

1HR timeframe Inverted Cup & Handle ??!!

Ghi chú

breakout on upside!!!
still the trend is bearish!!!

Ghi chú

Maintain the Strict SL of 2470 level

Ghi chú

Maintaining the same stop loss 2470 (on day close basis)

Nifty at a juncture and reliance at its juncture(forming a weekly doji)

let's wait & watch!!!

Đã hủy lệnh

Ghi chú

Next week move may be the direction decider!!!!

We can expect a Breakout/Breakdown in the next 2- 3 days

I am not yet Bullish on RELIANCE!!!

Ghi chú

Is this the Breakdown we expected ??!!!

Ghi chú

BREAKDOWN DAY CANDLE LOW TOO TESTED!!!
2390 - SUPPORT

Ghi chú

mmjimm

Thông báo miễn trừ trách nhiệm

Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.

mmjimm