Trading Reliance’s Descending Triangle
The descending triangle pattern in Reliance shows a strong horizontal support at 1325 and a descending resistance around 1340-1350.
Bearish Trade Setup
Entry: Sell if price breaks below 1325.
Profit Target: 1305 (20 points below support).
Stop Loss: 1340-1350 (above recent highs).
Bullish Trade Setup
Entry: Buy if price breaks above 1340-1350.
Profit Target: 1365 (20 points above resistance).
Stop Loss: 1325 (below recent lows).
Wait for a confirmed breakout with volume to decide direction. The descending triangle leans bearish, but a breakout above resistance could signal a bullish reversal. This approach provides a balanced risk-reward structure.
Disclaimer: This analysis is for educational purposes only and should not be considered financial or investment advice. I am not a registered financial advisor or broker. Trading stocks and other financial instruments involves risk, and you should consult with a certified financial professional before making any investment decisions. Always conduct your own research and consider your risk tolerance before engaging in any trades.
Bearish Trade Setup
Entry: Sell if price breaks below 1325.
Profit Target: 1305 (20 points below support).
Stop Loss: 1340-1350 (above recent highs).
Bullish Trade Setup
Entry: Buy if price breaks above 1340-1350.
Profit Target: 1365 (20 points above resistance).
Stop Loss: 1325 (below recent lows).
Wait for a confirmed breakout with volume to decide direction. The descending triangle leans bearish, but a breakout above resistance could signal a bullish reversal. This approach provides a balanced risk-reward structure.
Disclaimer: This analysis is for educational purposes only and should not be considered financial or investment advice. I am not a registered financial advisor or broker. Trading stocks and other financial instruments involves risk, and you should consult with a certified financial professional before making any investment decisions. Always conduct your own research and consider your risk tolerance before engaging in any trades.
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