Reliance spot cmp 2618
weekly time frame
chart pattern study
Descending parallel channel pattern fromation
As per resistance trend line of structure, counter would face resistance around 2650 levels
if we observe last 2 swing in this channel ,last time counter reversed after retracing around 78.6% of previous swing, this time 78.6% of last swing lies around 2632 levels,
RSI when ever weekly RSI touches levels of 60-61 it tends to make top and give sharp reversal.
So as per this we can say the uptrend for counter that started around 2200 levels is about to end and as per past 2 swing history counter can give a dip to lower levels,,
Bulls time to step out of party,, bears at door step.. keep watch...
weekly time frame
chart pattern study
Descending parallel channel pattern fromation
As per resistance trend line of structure, counter would face resistance around 2650 levels
if we observe last 2 swing in this channel ,last time counter reversed after retracing around 78.6% of previous swing, this time 78.6% of last swing lies around 2632 levels,
RSI when ever weekly RSI touches levels of 60-61 it tends to make top and give sharp reversal.
So as per this we can say the uptrend for counter that started around 2200 levels is about to end and as per past 2 swing history counter can give a dip to lower levels,,
Bulls time to step out of party,, bears at door step.. keep watch...