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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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.