Completion of Triangular Pattern & Strong RSI Divergence

In my previous post, I have shown that NSE: Reliance Industries forms triangular patterns on daily chart.

Today Reliance opened gap up & completed its another triangular pattern. (Black dotted lines)

This Gap will be filled as Reliance never leaves a gap unfilled.

RSI gave a bullish divergence in mid-march 2020 which lifted Reliance by more than 55 %.


Currently, there are two possibilities:

1.) Reliance moves back to the previous price channel - Parallel channel. (Red Lines)
-> As RSI has given a breakout of 60 zone.

2.) Reliance may move to lower levels (R1 @ 1362) & fill the gap.
-> Low Delivery (23.26 %)


--> Option Chain

1300 - Support
1400- Resistance

Комментарий:

Today Reliance failed to enter in parallel channel & there was resistance near R2. (Blackline).

Delivery 16.15 %