Strong Support reached - 20% Bounce coming?
Reliance has been trading in the range of 2250 and 2750 for a while now and has finally reached the price support region again.
The formation of recent Doji in the market further confirm the indecisiveness in the market after the recent down move.
A morning star pattern or a piercing pattern might further improve our confidence, with RSI bottoming out at 30 in weekly and MACD slowly turning bullish as well.
It will be interesting to see if RIL slowly traces its way back to 2750 levels and that would be a 20% move from current levels.
Not an investment reco, just for research purpose.
Thanks for reading :)
The formation of recent Doji in the market further confirm the indecisiveness in the market after the recent down move.
A morning star pattern or a piercing pattern might further improve our confidence, with RSI bottoming out at 30 in weekly and MACD slowly turning bullish as well.
It will be interesting to see if RIL slowly traces its way back to 2750 levels and that would be a 20% move from current levels.
Not an investment reco, just for research purpose.
Thanks for reading :)
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.