Short Opportunity in Reliance - Long Term Resistance Zone

10 ene

Symbol : Reliance

Trading Idea : On daily and weekly TF, It looking like a consolidation & breakout but as per my analysis, Reliance is currently Trading at 2 year resistance zone & this breakout may fail as the stock is already given a huge upmove on weekly TF.
One can go short at current levels of 2640-2670 with SL of 2710.

Target 1 : 2545
Target 2 : 2485

11 ene

Operación activa

Opened gap up because of global positivity and gujarat summit news.
CMP 2690
aggressive short positions can be made(as Risk : Reward is very favorable here) with Stoploss of 2710-2720

12 ene

Operación activa

CMP 2707
Short positions can be held with 2725 SL.

12 ene

Operación cerrada: precio stop alcanzado

Closing the trade as stoploss reached.
There is still very high probability that it may come down but discipline is important.

17 ene

Operación activa

I have made short position today again at 2758 with 2800 SL and still holding my position for minimum 2620 targets.
My view is still bearish.
Although It hit my previous SL at 2725 but it didn't sustained at above levels at all and getting strong rejection yesterday and today.

23 ene

Operación activa

CMP 2672

85 rupees in profit.

23 ene

Operación activa

CMP 2655

more than 100 rupees in profit.

9 feb

Operación cerrada manualmente

Closed my long position around 2650 & forgot to update here.