As we see from the hourly chart of reliance ,Its been consolidating in a range
for some time now ,Acording to old analysis Reliance elliott
Any move above 1180 will add more bulls to the stock but every time
Reliance nears 1180 stock witnesses good selling.
Come to next chart 15 min which shows clear 3up
the part after 3upis debatable it could be still in 4th or this could be a small 5th failure.
Idea would be to trade Reliance range till a breakout happens
Buy near 1060 book near 1180 or trail
and
sell near 1180 with a 2% sl
for a traget again in the same range.... Its been happening for some time
Thats why with Reliance sideways Nifty moves are not very prominent
though its sideways up.
Read what research houses have to say about reliance
Reliance(Morgan Stanley)
RESEARCH REPORTS
hello
ReplyDeletei would prefer the 'small 5th failure'. logic being that nifty and reliance are very much correlated. nifty has been consistently showing weakness around 2830-2860 zone.
also reverse divergence in reliance!
cheers
That was 4th wave consolidation :)
ReplyDeleteRELAINCE 1180 TO 1230....AND FINALLY CLOSED ABV 1180.CLOSD AT 1227.20...........
ReplyDeleteCHEERSSSSSSSSSSSSS