Reliance - Weekly Report - 20-03-2023
Weekly Chart (2268.55)
HISTORICAL PRICE ACTION ANALYSIS
Short Term Trend: Downward
Long Term Trend: Upward
Range: 2847 to 2270
Buying Pressure: Above 2450
Resistance: 2265, 2388, 2450, 2699, 2847
Support: 2171, 2097, 1860, 1628, 1406, 877
Movement in the past few weeks: Downward
Movement in the past few days: Support Breakout
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 2388 to 1865
Expected Resistance: 2265, 2388, 2450, 2699, 2847
Expected Support: 2171, 2097, 1860, 1628, 1406, 877
Expected Buying Pressure: Above 2433
Expected Selling Pressure: Below 2268
Trading with proper stop loss (may be in between 70-100 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
Short Term Trend: Downward
Long Term Trend: Upward
Range: 2847 to 2270
Buying Pressure: Above 2450
Resistance: 2265, 2388, 2450, 2699, 2847
Support: 2171, 2097, 1860, 1628, 1406, 877
Movement in the past few weeks: Downward
Movement in the past few days: Support Breakout
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 2388 to 1865
Expected Resistance: 2265, 2388, 2450, 2699, 2847
Expected Support: 2171, 2097, 1860, 1628, 1406, 877
Expected Buying Pressure: Above 2433
Expected Selling Pressure: Below 2268
Trading with proper stop loss (may be in between 70-100 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
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