Price action study on reliance 240 mins chart,
from last 2 trading sessions counter is giving weak signals,
rally started around 2300 levels in counter to level of 2640
counter is trading in ascending parallel channel structure and maintaining its posture around higher end of the structure,,
now in last 2 sessions counter is giving reversal signals,
bearish divergence on RSI with respect to price,
resistance of major descending parallel channel around 2640
RSI indicator have already given breakdown from ascending trend line support,
Now onwards any rally till levels of 2620-2630 should be used to exit your long position,
view gets negated above 2671 levels on daiy closing basis, which means fresh investments only above 2671 levels,
down side on counter breaks levels of 2583 decisively, counter will face heat of selling pressure which would lead to lower levels of 2520-2490-2450,,
Time to be cautious on your investments in this counter, fresh investor should wait for counter to break above 2671 levels or retrace till 2450 levels than enter the trade.
Choice is yours.
from last 2 trading sessions counter is giving weak signals,
rally started around 2300 levels in counter to level of 2640
counter is trading in ascending parallel channel structure and maintaining its posture around higher end of the structure,,
now in last 2 sessions counter is giving reversal signals,
bearish divergence on RSI with respect to price,
resistance of major descending parallel channel around 2640
RSI indicator have already given breakdown from ascending trend line support,
Now onwards any rally till levels of 2620-2630 should be used to exit your long position,
view gets negated above 2671 levels on daiy closing basis, which means fresh investments only above 2671 levels,
down side on counter breaks levels of 2583 decisively, counter will face heat of selling pressure which would lead to lower levels of 2520-2490-2450,,
Time to be cautious on your investments in this counter, fresh investor should wait for counter to break above 2671 levels or retrace till 2450 levels than enter the trade.
Choice is yours.