Reliance: Near Support level from Long term perspective

12 Okt 2022

Reliance

We are looking at weekly chart of Reliance Industries

- Between July 2018 - May 2020, we observe Reliance trading in 3 red downtrend channel boxes of similar time horizon
- In June 2020, we see Reliance giving a strong breakout above the red trendline
- thereafter we have seen Reliance trading in 2 parallel yellow boxes

Given the chart pattern,
Accumulate Relianceat current levels and on dips towards 2240
Target 3500 odd levels

Reward potential 50%

Pattern gets invalidated if it closes below the red trendline on a weekly closing basis

Risk 5%

Risk::Reward ratio looks good to go long from medium to long term perspective

Take care & safe trading....!!!

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Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
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- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be