Trade Setup – Reliance Industries

By Sid Thapar of SidThapar.com

Financial Planner • Aug 4, 2017 at 5:17 PM EDT

Reliance Industries has made a rising wedge pattern and a negative divergence.

Reliance Industries has made a rising wedge pattern and a negative divergence on RSI (14). Bearish engulfing candlestick pattern at the top confirms that Bears are getting active.

On the weekly chart, the price is perfectly moving into a parallel channel. The price has tested the upper trendline of the channel and retraced back to make a shooting star candle.

If the price closes below today's low on Monday we can expect a correction from 1575-1550-1500 levels.

(Click on image to enlarge)

Reliance Line Chart Daily

(Click on image to enlarge)

Reliance Daily Chart

(Click on image to enlarge)

Disclaimer:

The above views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don't trade with the money you can't afford to lose. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication of future returns.

Comments

Back to all articles