Reliance hits new high, How to capture the rise using IchimokuJul 06, 2020
Understanding and capturing the trend of Reliance with the application of Elliott wave, Channels and Ichimoku!
Reliance has continued to be the star performer ever since pandemic. The important thing to see is that irrespective of any kind of news or events, stock has been following basic as well as advanced technical very well.
Based on the same we provided our bullish stand when prices were trading near 1760 level few days back. Look at the below chart of Reliance taken from “The Financial Waves Short Term Update” dated 3rd July
Below research is taken from Daily equity report which was published under, “The Financial Waves short term update”
Reliance 60 mins chart (Anticipated as on 3rd July 2020)
Reliance 60 mins chart: (Happened so far)
Following is part of the research that was published on 3rd July morning research report before equity markets opened:
On the daily time frame, as per wave counts currently we seem to be moving in the form of wave 2 wherein currently wave (b) is on-going in the form of complex correction……….
On the hourly chart, the entire wave (b) (red) is in complex correction. Post completing wave d we are now moving in wave e. Prices are seen moving in well channelized manner. Further we might expect prices to move towards the top of the channel. We can see that price has managed to sustain above 40 EMA for a decent amount of time which indicates that this level can act as an important support over the short term. Avoid catching top here because rise is with strong momentum there is absolutely no negative divergence even on an hourly chart.
The overall outlook for Reliance will remain Positive. Buy on Dips towards 1730-1740 levels for the move towards 1850 levels. This outlook is valid as long as 1685 levels is protected on lower side.
Happened: Reliance moved precisely in-line with our expectation and we are seeing the up move in the form of wave e. The stock touches its new high near 1864.35 levels on 06th July 2020. We can be expecting such up move at quite lower levels. As Ichimoku cloud across the time frames kept on hinting for the upward direction. As seen on hourly Ichimoku cloud giving out classic upside setup based on the lines (Base, Conversion, lagging placed underneath the prices.)
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