Reliance - A Reversal from bottom?
Reliance fell 2.95 % and made a bearish pattern on the weekly chart. Week’s OHLC were 1303, 1315, 1239 and 1272. On Friday, it rose sharply from week’s low to close near day’s high. I dived deeper into Reliance's whole week performance on multiple timeframes to see whether Friday's rise had any signs of bottom formation or reversal.
On Monday 9 December 2024, Reliance took rejection from 100 dema on the 5 minutes chart placed at 1315. It closed the day at 1295, down 1.25%. On Tuesday it fell another 0.80%. On Wednesday, it tried to go past the 100 dema, then placed at 1290, in the opening hour but did not succeed. Later in the day, it made another attempt but this time took a rejection from the moving average then placed at 1288. It closed the day at 1279 (-0.52%). On Thursday, it kept trading below the short term moving averages and fell 1.20% on the day. On Friday, after falling 1.22% in the opening hour, the stock made a doji in the second hour with the low at 1239. In the third hour it rose sharply. At 12:15 pm, the stock gave a breakout above the 100 dema on the 5 minutes chart placed at 1258. Later it took support from the moving average and closed at 1272, above the midpoint of the bollinger band on the 5 minutes chart placed at 1267. The 100 and 200 dema are now at 1264 and 1268 respectively and could act as support. The stock is a clear breakout on the 5 minutes chart.
On the 15 minutes chart, the 100 and 200 dema are placed at 1273 and 1283 respectively. So a breakout is pending on the 15 minutes chart.
I already described how the stock behaved on the hourly chart, where it made a doji at day’s low and rose sharply to close near day’s high. It is clearly visible on the hourly chart that the stock made a double top formation below the resistance of 1330 on 5 December 2024. It fell more than 6% from the top.
On the daily chart, the stock made a bullish candle and also a higher low. It is making a double bottom formation. It made a low of 1217 on 21 November 2024. Friday’s high and low were 1275 and 1239 respectively. It closed at 1272 with a gain of 0.79%. Once the stock closes above 1275, it will be a breakout on the daily chart. The resistance for the stock is placed at 1290/1315/1325/1370/1430. Whereas the stock should find support at 1260/1250. A close below 1250 could take the stock to 1200 levels.
We write daily and weekly technical analysis on the Indian Stock Market.
Read our blog here: medium.com/@moneyorderindia24
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On Monday 9 December 2024, Reliance took rejection from 100 dema on the 5 minutes chart placed at 1315. It closed the day at 1295, down 1.25%. On Tuesday it fell another 0.80%. On Wednesday, it tried to go past the 100 dema, then placed at 1290, in the opening hour but did not succeed. Later in the day, it made another attempt but this time took a rejection from the moving average then placed at 1288. It closed the day at 1279 (-0.52%). On Thursday, it kept trading below the short term moving averages and fell 1.20% on the day. On Friday, after falling 1.22% in the opening hour, the stock made a doji in the second hour with the low at 1239. In the third hour it rose sharply. At 12:15 pm, the stock gave a breakout above the 100 dema on the 5 minutes chart placed at 1258. Later it took support from the moving average and closed at 1272, above the midpoint of the bollinger band on the 5 minutes chart placed at 1267. The 100 and 200 dema are now at 1264 and 1268 respectively and could act as support. The stock is a clear breakout on the 5 minutes chart.
On the 15 minutes chart, the 100 and 200 dema are placed at 1273 and 1283 respectively. So a breakout is pending on the 15 minutes chart.
I already described how the stock behaved on the hourly chart, where it made a doji at day’s low and rose sharply to close near day’s high. It is clearly visible on the hourly chart that the stock made a double top formation below the resistance of 1330 on 5 December 2024. It fell more than 6% from the top.
On the daily chart, the stock made a bullish candle and also a higher low. It is making a double bottom formation. It made a low of 1217 on 21 November 2024. Friday’s high and low were 1275 and 1239 respectively. It closed at 1272 with a gain of 0.79%. Once the stock closes above 1275, it will be a breakout on the daily chart. The resistance for the stock is placed at 1290/1315/1325/1370/1430. Whereas the stock should find support at 1260/1250. A close below 1250 could take the stock to 1200 levels.
We write daily and weekly technical analysis on the Indian Stock Market.
Read our blog here: medium.com/@moneyorderindia24
Also follow us on Instagram.
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