DLF, Reliance - Technical Update

by Dean Market Profile on Monday, May 20, 2013 in DLF, Reliance, Stocks, Updates

Above is a daily chart for DLF, the counter has spiked perfectly in the resistance zone, refer previous post here.
We may see prices traveling all the way down to the lower band of this trading range.
One may notice a peculiar pattern in the RSI indicator.

Reliance is looking like it has managed a corrective rally, I had pointed out that prices may trudge higher (refer previous post here), but now the pattern looks complete.
Also one might notice that this complete rally looks like it is a part of the right shoulder of a big HnS pattern.
If this is true, then we are in for an immediate downmove till the NL, and below which we may see prices falling even further.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

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Monday, May 20, 2013

DLF, Reliance - Technical Update

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