reliance long trade ( intra day)

date : 15/5/2020

my view on reliance for monday, 18th may

i think we might get a push on the upside looking at the kind of push that came towards eod.

reasons for a long trade and when to trade:
1. its at 23.6% retracement as shown.
2. rejection candle sort of at the 20 sma in daily time frame.
3. if one looks down at the 15 mins time frame there is a bollinger band volatility breakout.
4. on the hourly time frame if there is a bullish range shift in rsi at 40. ( those who dont understand this google it up, will be a good learning)
caution: trade is only triggered if a 5 mins candle atleast closes about todays high (1467)

Even there is a possibility of a short trade

reasons:
1. bullish engulfing on the weekly tf.
2. if the low of the week which coincides with todays low ( 1415) also, is broken and held we might get momentum on the downside.
3. also if that happens that could be a bearish range shift on the daily time frame and a good trade can be expected on the short side till 1320 levels.