Wednesday, November 15, 2017

How to trade Reliance Capital? Stock moved brilliantly as expected!!!

Looking at Reliance Capital stock prices many would be in shock to see a fall of 10% in just a day. But was it predictable? Yes, look at the below research published on 8th November 2017.

You can read below to understand the significance of an Impulse pattern if identified correctly. On 8th November 2017 we showed the below chart of Reliance Capital in our daily research report – The Financial Waves short term update and mentioned the following:

Reliance Capital 60 mins chart:

Reliance Capital Happened:

Wave analysis: The following was mentioned on 8th November to our subscribers of short term update
As shown in 60 mins chart, price movement witnessed since September explains the significance of 2-4 trend line concept of wave theory which states that as long as this trendline is protected the ongoing downtrend can continue. This suggests that as long as 590 levels is protected prices will continue to move in downward direction.
We have been bearish on Reliance Capital over past few weeks and has been mentioning the same to our subscribers.
Happened: Reliance Capital move exactly as per the expectations and the stock price witnessed a sharp fall which was well supported by the news on one of its group companies RCOM after defaulting its US dollar based Bonds. The stock has been witnessing lower high lower low formation without any consolidation indicating the strong momentum on downside.
Reliance capital made a low of 400 in today’s session itself falling by more than 10% in single day. It seems the 5th wave is also extending. So what is next??
We cannot be more accurate than this……….
The above charts simply show how one can use impulsive wave from trading perspective.
You can subscribe to this research report The Financial Waves short term update and see yourself how to form trading strategy using Elliott wave and technical analysis methods on Nifty, Bank Nifty, Stocks.
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