Reliance chart study
Reliance spot at 2600
Weekly time frame
Horizontal resistance as per previous life high levels, from where counter have changed trend in past,
Bearish wolf wave or wedge can also be considered as per formation.
Need to keep close watch on price action on daily time frame, if counter is not able to breakout and sustain above life high levels, can retrace around 5-7-10% going ahead,
counter have give around 20% move from 2200 levels one way so as per fibbo 50% retrace would give a good 8-10% fall in counter.
life high levels remain a key point as the juncture
Weekly time frame
Horizontal resistance as per previous life high levels, from where counter have changed trend in past,
Bearish wolf wave or wedge can also be considered as per formation.
Need to keep close watch on price action on daily time frame, if counter is not able to breakout and sustain above life high levels, can retrace around 5-7-10% going ahead,
counter have give around 20% move from 2200 levels one way so as per fibbo 50% retrace would give a good 8-10% fall in counter.
life high levels remain a key point as the juncture
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