The price has recently broken and closed above the resistance level of 2480.
Reliance was trading in a downtrend, but this breakout marks the FIrst HIGHER HIGH, the beginning of a new uptrend.
NIFTY is also trading above its resistance level, which gives more confidence that Reliance may go up in coming days, as Reliance has heavy weightage in NIFTY INDEX.
Long entries can be opened as long as price is trading above 2840.
Stop loss
1. For aggressive traders- daily close below 2480
2. For conservative traders- below 2410
Targets
1. 2600
2. 2750
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
Reliance was trading in a downtrend, but this breakout marks the FIrst HIGHER HIGH, the beginning of a new uptrend.
NIFTY is also trading above its resistance level, which gives more confidence that Reliance may go up in coming days, as Reliance has heavy weightage in NIFTY INDEX.
Long entries can be opened as long as price is trading above 2840.
Stop loss
1. For aggressive traders- daily close below 2480
2. For conservative traders- below 2410
Targets
1. 2600
2. 2750
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.