The entire trading community might be bullish on this, I am not at this stage. Understand the analysis below. I will only be bullish in one case, stated below.
Reliance is at a long term trendline.
However, if you try to read the chart, it does not seems to show any signs of bullishness.
IMO, retailers can get trap here, i see it going a bit more down, till 2240 zone.
Reasons of saying so-
1. Look at the 2 highlight
zed volume candles, it looks like someone is exiting in huge quantity.
2. If it was suppose to bounce, it would have bounced straight away, without spending 10 days at support, may be its making base to fall, trapping the retailers.
3. It has formed a double top pattern from 2800 zone.
4. It is taking resistance from previous support area (see blue area). This area previously also worked as key level- see circled areas.
5. If closes below 2360 on daily, we can see it coming in black area
Only situation to buy it , will be close above 2470 on daily chart, with volume
