Trade Setup – Reliance Industries

By Sid Thapar of SidThapar.com

Friday, August 4, 2017 5:17 PM EDT

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.

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Reliance Line Chart Daily

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Reliance Daily Chart

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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 ...

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