Reliance up 10%, How to Trade Objectively amid news of Reliance – Facebook DealApr 21, 2020
This week kick started with lot of events, news, results. Index major Reliance Industries announced deal with social media giant Facebook bought 9.9% stack in Reliance Jio which helps Indian oil-to-telecom conglomerate to significantly cut debt.
In this entire up down reaction we have been constantly advising the following research and expecting up move in Reliance irrespective of event.
With the help of neo-wave theory which suggested wave g on upside adding to it was Fibonacci retracement levels pointing on upside.
Below research is taken from Daily equity report which was published to morning under, “The Financial Waves short term update”
Reliance 60 mins chart ( Anticipated today morning before 9.30am)
Reliance 60 mins chart: (Happened so far)
Following is part of the research that was published in today morning research report before equity markets opened:
On the daily time frame, stock closed with a green candle near its important resistance of 1260 levels and only break above would take prices higher. As per wave counts wave 2 of the intermediate degree is under formation in the form of complex correction. Within which wave (y) is in progress which is forming Diametric pattern as shown on hourly chart.
On the hourly chart, wave (y) is ongoing for which the internal count suggest that wave g of the pattern is under formation. We have shown Fibonacci retracement of wave (w) and it could retrace up to 61.8% which also coincides with upper channel trendline near 1330 levels provided we see break above 1260 on closing basis.
In short, Reliance looks to be at crucial juncture but with bullish up move expecting. Break above 1260 levels which could take prices toward 1330 levels or higher levels.
Happened: Reliance moved precisely in-line with our expectation and we are seeing the up move in the form of wave g and till now prices have retraced more than 61.8% with day’s high near 1384 levels.