Reliance - 70 clicked -Morning Star for a bounce to 1385-1400

As expected in previous update @10th April2017 - Got the bounce from 1370's to 1400 zone as expected & later a fall for 40-50 odd points.

Click the chart below to read previous update.

From the lows of 1347- looks like an impulsive sequence done from 1450 highs & finishes Wave-A. Got a morning star candlestick pattern from lows@1347
Shall be looking for 50% retracement which comes in the zone 1400 & minimum distance it should retrace is 1385 where it completes 38.2% of the fall from 1450 to 1347.

Once retracement done- we use the bounce to sell again & looking lower targets downside.

What is Morning Star Candlestick Pattern

A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or white) that closes below the first red bar, and the last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.

İşlem aktif:

14:23 Hrs 17th April2017

Last Price@1388

Boom- Boom

Reliance moves up from the morning star bullish pattern support - giving big green candle for the day.

İşlem aktif:

11:23 Hrs 18th April2017

Last Price@1410-

Retraced 61.8% of the fall from 1450 to 1347 at 1410-1415 current high zone today. We shall be careful here to exit long positions or book partial profits.

İşlem elle kapatılmış:

14:12 Hrs 18th April2017

Last Price@1390

Started Falling from 1410 as expected above. Closing the post.