Mottabhai to trend ? Weekly Wrap #Reliance 17th May 2021First step of a successful trader is to build a Trade plan & review what he has done.
This is my Trade Journal . (education purpose for all )
Trade plan
Nifty : Trend is Up- Buy on dip ( see video for details )
Jai Hind.
Disclaimer :
This video is only for educational purposes. Please consult your financial advisor before you take any trades.
Relianceindustries
Elliott wave investing support 1600 the first wave is impulsive by price action and it has started its correction
correction is wxy with its sub wave abc making flat correction .
wave Y has potential to test 50% retracement of this post coronavirus euphoria trend, near previous all time.
support
both previous all time high and 50% retracement with counter trend lower low, gives investor enough confidence to buy
psychological support 1600
RELIANCE ANALYSIS PREDICTEDAs we know reliance hade reached all time HIGH spotted a good trend in consolidation market looking for reversal for trend change, it may be short or long but i will enter a trade if the trend line has broken
Note :- This is just my analysis don't take this as financial advice
PUT YOUR THOUGHTS ON COMMENTS I'D LOVE TO HEAR AND RESPOND TO YOU
HAVE A GREAT DAY
RELIANCE to break support, steep fall in the coming days NSE:RELIANCE is about to see major fall in the coming days with price likely to fall as low as 1810 . The Moving Average 50 has just crossed over the Moving Average 20. Past performance shows this results in price falling to around 2-3%. Moreover the Moving Average 200 is closing gap with MA50 and MA20 and if crosses above them, the stock can see an even greater fall going below 1800. Furthermore past few days show huge bearish body candles showing a downtrend. Only positive news (Global or Company related) can take the price up.