RELIANCE INDUSTRIES LIMITED
On 18 June 2015 We had posted chart of Reliance Industries on our Facebook page for target of 1055 which was achieved easily on 22 July 2015. Quick link to that post is as under:-
But after that this stock respecting Fibonacci Golden ratio levels with given resistance and support levels as the case may be. Please note this post is for under standing of Fibonacci golden ratio on charts other than known indicators like Moving Averages, Trendlines, MACD, RSI, Etc.
Right from top made of 1067.85/- on 23/07/2015 this stock is respecting Fibonacci golden ratio on chart. Lets try to understand that via simple charts.
Tool which we are using is called Fibonacci Retracement, it consider recent immediate high/low & low/high helps to find out possible levels of resistance/support.
1st Chart.
Try to see oval area in above chart. Both 61.80% & 38.2% are Golden Fibonacci Ratio. We can see bulls found it bit difficult to cross the price over those levels. (913 & 972 levels)
2nd Chart.
Again if we see oval are in above chart then we can see that stock took support at 915 level. Once stock trades above 975 levels mentioned on right side of the chart shall be negated automatically.
-----------------------------------------------------------
PLEASE NOTE THIS POST IS FOR EDUCATIONAL/LEARNING PURPOSE ONLY AND UNDER NO MEANS IT SHOULD BE CONSIDERED AS BUYING/SELLING OR TRADING/INVESTMENT CALL.
FOR ANY SUGGESTION/QUERY READER CAN CONTACT US ON 08866145155 OR DROP AN EMAIL ON NIFTY50STRIKER@GMAIL.COM
FOR UPDATE ON INDEX DURING LIVE TRADING HOURS KEEP VISITING OUR FACEBOOK FACE.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.