Reliance’s daily chart is showing a persistent bearish structure, with the Kijun-Sen acting as a formidable ceiling.
• Six attempts to reclaim the Kijun — all failed. Each rejection reinforces the Kijun as the key bearish reference.
• The latest bearish expansion candle closed below the lows of prior Kijun-reclaim attempts, with Tenkan also lost in the process.
• The Future Kumo remains bearish and downward sloping, while the Chikou Span remains free — adding further bearish confirmation.
• Activation: Below 1,156.40
Invalidation: Strong daily close above 1,202.80 with follow-through.
Lower reference levels in focus:
1,141 → 1,125.60 → 1,110
And with Reliance’s results due this evening, the setup gets an interesting catalyst:
Will the results finally give this heavyweight the fuel to reclaim its Kijun — or will the bearish ceiling hold and expose the lower reference levels?
Comments/thoughts welcome
• Six attempts to reclaim the Kijun — all failed. Each rejection reinforces the Kijun as the key bearish reference.
• The latest bearish expansion candle closed below the lows of prior Kijun-reclaim attempts, with Tenkan also lost in the process.
• The Future Kumo remains bearish and downward sloping, while the Chikou Span remains free — adding further bearish confirmation.
• Activation: Below 1,156.40
Invalidation: Strong daily close above 1,202.80 with follow-through.
Lower reference levels in focus:
1,141 → 1,125.60 → 1,110
And with Reliance’s results due this evening, the setup gets an interesting catalyst:
Will the results finally give this heavyweight the fuel to reclaim its Kijun — or will the bearish ceiling hold and expose the lower reference levels?
Comments/thoughts welcome
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.