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!!!!
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will update once breakdown for our entry occurs!!
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Strong close above 2475 needed to wane off bears!!!
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setup intact!!!
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Probability % increasing for short trade!!! Entry after Solid breakdown!!!
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1st Target Done!!!!
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good going till now!!!
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1HR timeframe Inverted Cup & Handle ??!!
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breakout on upside!!! still the trend is bearish!!!
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Maintain the Strict SL of 2470 level
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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!!!
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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!!!
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Is this the Breakdown we expected ??!!!
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BREAKDOWN DAY CANDLE LOW TOO TESTED!!! 2390 - SUPPORT
@crudetrader1994 I got good profit in the Feb and March with this view...I exited the previous month PE at cost price This month I didn't enter Planning to enter today.(if SL sustained today) I cancelled it after today's move!!! Next, you may ask why you updated these days? I updated, for this idea's followers to strict SL 2470 so that if they are in the trade after my idea, they might seek it. Hope you got what I meant.
mmjimm
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@crudetrader1994 Thank you for this question....I couldn't have explained what I did ,without you asking this question.(I should have explained it.)
crudetrader1994
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okay I am in buy. holding 2500 ce may and June expiry. expecting atleast 2550+ till May 20.
mmjimm
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@crudetrader1994, Best of luck !!! I am waiting for weekly closing price.