Reliance Fibonacci Levels
Reliance trending down in a channel
- Reliance took support at the long term trendline and likely to target upper end of the downtrending channel.
- Resistance comes around 20 day SMA @ 850 =~ Crucial Fibo level @ 847 =~ Upper end of the downtrending channel. SHORT around these levels
- BUY on close above 850 or whenever it breaks out of downtrending channel.
- Observe that MACD is getting ready for a Bullish crossover and the recent bounce happened with decreasing volume (not a perfect bullish sign)
- As long as Reliance remains in this downtrending channel, bears have the upper hand.
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