If 1870 is broken tomorrow then possibly it may fall up to 1800 levels and also may form a Bullish Butterfly pattern from there. I will keep updating about this pattern as usual, watch out for more on this!
Wednesday, August 19, 2009
Bullish AB=CD pattern in Reliance
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Reliance Chart - Hourly:
Reliance formed a bullish AB=CD pattern, watch out for the entry signals tomorrow. If it gives any entry signal with out breaking 1870, which is the convergence level of the Fibonacci ratios and also a pivotal support, long triggers for this pattern. First target would be 2028 and second target may be 2070 levels. There is also a possibility of an extended target of 2190.
If 1870 is broken tomorrow then possibly it may fall up to 1800 levels and also may form a Bullish Butterfly pattern from there. I will keep updating about this pattern as usual, watch out for more on this!
If 1870 is broken tomorrow then possibly it may fall up to 1800 levels and also may form a Bullish Butterfly pattern from there. I will keep updating about this pattern as usual, watch out for more on this!
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2 comments:
Hi Doji,
So from a general overview, RIL is a buy here or in a dips too. In line with the Nifty as it's a buy near 4330 or on dips near 4255. Convergence can be taken into consideration and observation.
Regards.
- Satyam
Hi Satyam,
1870 to 1930 are good support levels for RIL, till those levels hold it is little bit ok. If 1870 is broken then it may turn into sell on rallies mode. At 1800 levels also, unless it gives good buy signal I would not suggest to go long on it because there would be more chances for it to fall up to 1600 levels.
-Doji
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