Bearish ABCD in Reliance - 29th Sep 09

Update at 1:18 PM:

Invalidating this pattern, it didn't trigger the trade.

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Reliance Intraday Chart - 5 mins:

Reliance formed a Bearish ABCD pattern, can enter short trade below 2156 - filter(7). Risk reward is high, trade with caution.

Technical Analysis on Reliance - 14th Sep 09

Reliance Chart - Daily:

Reliance has formed an Ascending Triangle in daily charts (not a perfect one). It gave a break out from the Triangle, but the volumes are not very convincing. Today it took support from the Neckline of the Triangle. Long trade can be taken with the stop loss below the support trend line or 1918. Target may be the height of the triangle at 2500 level. 2270 may act as next immediate resistance.

I would not prefer to take new trade at this point of time. As Nifty is still in indecision so risk would be more then reward.

I have posted a long entry in Reliance when it formed a Bullish ABCD Pattern (Gartley with double bottom) at 1870 level. Which reached the targets of ABCD pattern immediately and reached the extended target of 2190 later on.
Reliance gave a wonderful opportunity to re-enter long trade on 4th Sep, But I didn't utilize it as I was holding some other scrips at that point of time.

Update: Bullish AB=CD pattern in Reliance 31st Aug 09

Reliance Chart - 15 mins:

Reliance Bullish ABCD pattern, after reaching both the targets Reliance again showed its weakness in intraday. That's why I always exit at the targets or else trail the stoploss :)

Update: Bullish AB=CD pattern in Reliance 25th August 09

Update at 10:40 AM:
Booking 25% here at 2037. still holding 25%.

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Reliance Chart - Hourly:

Reliance Bullish ABCD pattern reached it's first target of 2028 level in intraday, total 4.96% profit till now from the entry

Brearish Wolfe Wave in Reliance - 25 Aug 09

Update at 2:30 PM:

Stoploss triggered badly.

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Update at 2:27 PM :

Stop loss for reliance is at 2003.

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Reliance Intraday chart:

reliance formed a bearish wolfe wave, take trade with small quantity. Symmetry is not that good.

Update: Bullish AB=CD pattern in Reliance 25th Aug 09

Reliance Intraday chart:

Update on Bullish AB=CD pattern in Reliance, keep stop loss at 1968 for booking 50% in reliance

Update: Bullish AB=CD pattern in Reliance 23th Aug 09

Reliance Chart - 30 min:

Update on Reliance Bullish AB=CD pattern, Reliance broken the high of 1928 which is formed on 20th Aug - Thursday and triggered longs. But it didn't sustain above this level by end of the day. Also there is a possibility of Nifty forming Bearish ABCD pattern, need to be a bit cautious with this.

Update: Bullish AB=CD pattern in Reliance 20th Aug 09

Update at 9:10 PM:

Reliance Chart - Hourly:

Reliance didn't trigger long today as it didn't reach 1929. If it breaks 1929 with filter tomorrow then long trade would trigger. Will update when trade triggers. Above is the updated Hourly chart of Reliance.

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Reliance Intraday Chart - 5 mins:

Long would trigger for Reliance Bullish AB=CD pattern at 1929 level. Nifty is consolidating in sideways direction so as reliance. Watch out for breakout from the consolidation to enter the long trade.

Bullish AB=CD pattern in Reliance

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!

Some Patterns from Yesterday (July 01)

These are the some stocks I was tracking yesterday, and I couldnt post on the blog due to lack of time. Posting them now for sake of record and study purpose.

Bearish ABCD Pattern in Reliance, which has perfect AB=CD and the retracements were good. CD is exactly the 100% extention of AB. Below is the 5 min chart of Reliance:

Golden Renuka :), Which was perfect trade for today.

Bearish ABCD Pattern in Renuka sugars. This is the perfect ABCD pattern with golden ratios.

AB is perfectly equal to CD. Below is the 5 min chart of Renuka Sugars:

Failed break out in LT (Wyckoff Terminal Uptrust). Below is the 5 min chart of LT:

Channel in Reliance June 22nd

Reliance formed a Channel near gap support, Positive break out with volumes may take it to 2115 levels. Below are the charts of Reliance:

Update: Bullish Flag and Ploe in RIL

We didn't get breakout for the bullish flag with volumes. Below is the chart on 5 min time frame.

Bullish Flag and Ploe in RIL

Bullish flag and pole in RIL below is the chart in 5 min time frame

Watch out for the big volumes breakout to enter long trade.

Real-time Put-Call Ratio (PCR) for Reliance

This is Real-Time chart. Please refresh page for latest chart!!

Reliance Intraday Analysis for 29 April 2009

Reliance opened gap up due to strong global conditions. Then started moving up, as a consolidation ascending triangle is formed, showing more bullishness. After some sideways move on low volumes, it zoomed up till the end of the day.

Below is Reliance Cash intraday chart on 5 min time frame.


My Trades:

• Short triggered at 1767, just below the resistance line.
  
• Reversed to long at 1772 after ascending triangle gave a Break out, with the stop loss at 1767.
  
• Closed long at 1805 at 3:20 PM
  
• Total Profits Rs.28 (2%) in two trades.

Technical Analysis on Reliance (March-April 2009)

Reliance is in an uptrend channel since 5th march till now. Formed a good number of bullish patterns adding strength to the channel so far.

Since last few trading sessions, reliance is showing bearishness to me. Here is the 5 min chart highlighting bearishness in my view.

Big Head and shoulders in aqua colour:

• Volumes are moderately increasing at the left shoulder, but should have been more in my opinion.
• Volumes are moderate when the price is moving up in head, which is good
• A bearish wolfe wave at the top of the head, more details below.
• While price is moving down in the head, volumes are expanding, which is good
• At up move of the right shoulder, volumes are low, which is good.
• At the right shoulder, volumes are increasing in the down move here, which is good.
• Right shoulder itself is another small H&S, details below.
• Over all a confirming H&S. Target for this pattern is 1615, but it is suggested to take short trades when channel support is broken convincingly on hourly charts.

Wolfe wave at the top of the head

• Shown with yellow from 15th April 1:50 PM to end of the day
• Good Symmetry and at point 5 volumes are high as required.
• Target is reached the next day.

Small Head and Shoulders

• Formed at the left shoulder of big H&S, shown in Blue -Grey color
• Volumes are accordingly with the pattern.
• Neckline is broken and target is reached in the same day.