This is a hourly chart of the reliance industries, wherein , i have spotted a bullish crab pattern, suggesting a prz area of 1010-1012.
This pattern might serve as temporary halt in the fall that started from 1097 levels.
If we look at the Daily &Weekly chart, it has been trading @ 50% retracement(i.e 1013.50) of its previous rally from 930 to 1097, which coincides with the prz area of the crab pattern, further confirming the support.
Immediate resistance can be seen at 1033 levels, above which 1055, 1065 are possible.
However , we should be careful trading this pattern, because , if we look at weekly chart, it has long bearish candle, which almost eroded the previous four week's gain.
Hence i am expecting only a pullback rally to 1055 or 1065 levels out of this crab pattern.
Pattern would get invalidate , if we see a close below 1010 levels.
This pattern might serve as temporary halt in the fall that started from 1097 levels.
If we look at the Daily &Weekly chart, it has been trading @ 50% retracement(i.e 1013.50) of its previous rally from 930 to 1097, which coincides with the prz area of the crab pattern, further confirming the support.
Immediate resistance can be seen at 1033 levels, above which 1055, 1065 are possible.
However , we should be careful trading this pattern, because , if we look at weekly chart, it has long bearish candle, which almost eroded the previous four week's gain.
Hence i am expecting only a pullback rally to 1055 or 1065 levels out of this crab pattern.
Pattern would get invalidate , if we see a close below 1010 levels.
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