Is RELIANCE Changing Trend now?

Note : TARGET & STOP are based on the LONG position, in case of SHORT it would be opposite.

Reliance did make a Strong Move as indicated

Which trend you are talking about? Pl elaborate..see image

Re: Is RELIANCE Changing Short-term Trend now?

Hi Vikas,
Reliance went from 751 to >850 in around 6-7 sessions. It has broken 826 today, lets see if it again goes in downtrend.

I could not understand the chart, which you have attached.

It was a good short-term buy but broke 826 level today. If it closes above this level on Monday ( not sure with global turmoil ), its again a strong buy.

sir,
to me t looks like reliance will not be able to cross over yesterday high of 858 as the indicator RSI (14,E9) and stockist (5,3,s3) showing showing the downward direction however it depends on the newsflow i may be wrong pl. use your on judjement.
amrit

Hi Amrit,

I agree with you. But Reliance is still in uptrend till its trading above 736. I would hold CE820 and BUY PE expecting it to close below 826 on Monday. These indications are only valid till Monday closing.

826 is a short term decision making level for reliance trend.

Thanks
tradingforbusyguys

As far as Reliance Ind able to close above 814.5 in cash mkt no need to worry@all.:thumb:

bhavesh_gelani

Uploaded with ImageShack.us

The daily chart is showing a very strong cluster R that this market hit on Thursday. It was clear from that point to get a strong reversal that will take the market to the TK (tenken/kijun overlap) combo at 780, and most likely, much lower.
The confluence of R is provided by the daily TL, bottom of the bearish cloud, and the SD channel extreme, along with the stochastics being OB.

The market has a potential for a much greater fall, but I would still watch for reaction at 780.

Accompanied, are my supports and resistances for this week coming from my proprietary formula. My WS2 at 776 matches up rather nicely with the 780 level. Expect the WR1 at 845 to contain for this week.

Reliant 908 869 845 798 776 -734

Thanks for the levels. Its however complicated for someone who is not used to charts and its related tools. Based on this chart, would someone be long around between 751 and 785 levels? What would have been long entry?

Based on my analysis...
Once it had broken 826, it can go anywhere down. It all depends on this important level.

Reliance became strong buy at 751 and went all the way to >850. The trailing entry/exit is at 826, which system indicates at previous closing i.e Thursday after market hours. Anyone holding Reliance will be alert as it has closed below 826 on Friday. This is how, I trade.

Thanks
tradingforbusyguys

TFBG, I think the thing to do is wait for a reaction around 780, and then make a deciison from there. It is clear, by the chart, we should get there rather quickly. We still have a potential drop to 632. OTOH, we could get a move to circa 950, but that part of the scenario is not confirmed yet.

BTW, I don't mean to confuse your thread by publishing my charts, but it is a very picturesque way of telling the story for future price action. I view the charts as my road map, as it guides me to where prices are headed to in the immediate future, as well as longer term.