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vt_trader

Reliance Double Bottom & RSI Divergence

Long
RELIANCE INDS (NSE:RELIANCE)  
vt_trader  
NSE:RELIANCE   RELIANCE INDS
Trend Analysis Harmonic Patterns Chart Patterns RELIANCE Double Bottom rsi_divergence support supportandresistancezones rsidivergence niftytrend BANKNIFTY HDFCBANK
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trendanalysis harmonicpatterns chartpattern reliance doublebottom rsi_divergence support supportandresistancezones rsidivergence niftytrend banknifty hdfcbank
Reliance has formed double bottom pattern on daily chart. While the RSI is making higher low which is clear sign of RSI Bullish Divergence.

Entry
We can go long on open of next candle.

Target
Target 1: We can keep our 1st target at the nearest resistance which will also the neckline of the W pattern as marked on chart.

Target 2: Once the 1st target is achieved & price gives breakout above the neckline of the W pattern 2nd target will be the next resistance as marked on chart.

Stoploss
We can keep stoploss below the support zone.

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