Reliance: another Bearish Engulfing in last 10 days?
Reliance:
Fibo 1: Level 2 completion, we make expect a 50% downside movement if it has to move up or also move above the 2610 level (marked with red line) this is the previous 50% level from where it has to give a trend breakout, back testing and move up further.
Fibo 2: resistance at 0.236 level: 2590.7 again, matching with the Fibo 1 levels
Fibo 3: Level 1 as ATH & Level 0: Low after that (30 Sept) till now, we have come to 50% levels 2583.6 and daily closing candle is again below these levels,
overall signal looks in the downside.
Caution:
1. may take support at 50% levels to complete a short reversal around 2433 level to 2390 levels
2. the previous 2 Bearish engulfing on 21st & 25th October have been unsuccessful
Fibo 1: Level 2 completion, we make expect a 50% downside movement if it has to move up or also move above the 2610 level (marked with red line) this is the previous 50% level from where it has to give a trend breakout, back testing and move up further.
Fibo 2: resistance at 0.236 level: 2590.7 again, matching with the Fibo 1 levels
Fibo 3: Level 1 as ATH & Level 0: Low after that (30 Sept) till now, we have come to 50% levels 2583.6 and daily closing candle is again below these levels,
overall signal looks in the downside.
Caution:
1. may take support at 50% levels to complete a short reversal around 2433 level to 2390 levels
2. the previous 2 Bearish engulfing on 21st & 25th October have been unsuccessful
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