Reliance - Cup and Handle?
After yesterday's big red candle, today it created a green engulfing candle which is generally a bullish sign. If we see the complete picture, it looks like a cup & handle pattern. Expecting it to start rallying again, but will be depending on the over all market sentiments. In term of the chart patterns, it took support on BB indicators lower band.
Fib support and target level are also provided in the chart. Also the daily candle managed to close above rising 50MA. I took an entry yesterday at 2030 fib levels with SL of 1972, some how I was saved :). For swing trade 2180 should be good target.
Fib support and target level are also provided in the chart. Also the daily candle managed to close above rising 50MA. I took an entry yesterday at 2030 fib levels with SL of 1972, some how I was saved :). For swing trade 2180 should be good target.
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