SYMMETRICAL TRIANGLE ALONG WITH OI -40.91%. BIG MOVE AHEAD!
Reliance is forming SYMMETRICAL TRIANGLE in 4H 1H 15M timeframes along with decline in OPEN INTEREST -40.91%.
According to book TRADING FOR A LIVING BY DR.ALEXANDER ELDER- When open interest falls sharply while price are in trading range, it identifies short covering by major commercial interests and gives a buy signal.
TWO SITUATION ARISES-
1. If we ignore open interest then according to symmetrical triangle, breakout or breakdown is possible.Good setup for trading breakout or breakdown in intraday.
2. If we consider open interest with symmetrical triangle,reliance is proper BUY after breakout.
#SYMMETRICAL TRIANGLE IS NEUTRAL CHART PATTERN. PRICE MAY GO IN ANY DIRECTION.
According to book TRADING FOR A LIVING BY DR.ALEXANDER ELDER- When open interest falls sharply while price are in trading range, it identifies short covering by major commercial interests and gives a buy signal.
TWO SITUATION ARISES-
1. If we ignore open interest then according to symmetrical triangle, breakout or breakdown is possible.Good setup for trading breakout or breakdown in intraday.
2. If we consider open interest with symmetrical triangle,reliance is proper BUY after breakout.
#SYMMETRICAL TRIANGLE IS NEUTRAL CHART PATTERN. PRICE MAY GO IN ANY DIRECTION.