RELIANCE INDUSTRIES LTD
Open-1595--High-1618--Low-1573.70—Close-1581.70 on 5.6.2020.
Support: 1570/1562/1558/1533/1508/1498.
Resistance:1609/1614.45/1615/1618/1752/1974/2125/2260/2333/2361.
(Bold and underlined figures are most important)
Technically it is superbly placed, furthermore it has an Inverse Head & Shoulder formation on the daily chart and if it moves above its neckline which is placed at 1618 and sustain on the closing basis then it will have a huge upside target of 2361. Moving towards the targeted point it can face resistance at 1752---1974---2125---2260---2333 levels.
It looks extremely good for long trade as long
as it holds 1562 on the closing basis as of now. So long trade can be tried at
current market price of 1582 also with a stop loss of 1558 or try if it gives
breakout from the neckline of 1618 with a stop loss of 1595. It would be
relatively safe to try long trade after neckline breakout.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
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Thank you for sharing your views.