Following are today's 3-minute charts for Reliance Industries at the NSE. The idea of talking them after all has been done is to depict that at times it is pretty easy to come out with a simple channel movement of price of any stock which can be taken for a trade. The longer the price remains inside a channel, the better shall be a break out/down. As we saw in this, Reliance came up with a channel movement and hovered very flat for an hour before it broke out. The target was mere 14 points. But when it started to break out it went bang for the first time to 25 points+. What later on happened is history. Most of us who could not see this simple setup which we passed on the chat group later realized that they missed a 185 point move after this breakout level. Terrific is the word we use for the market to have created such a setup. Could a trade later on have been taken? Sure .....but that is not the idea of discussion. Please do keep finding for yourself such simple small setups. You just got to have the eye for it and no knowledge of technicals required. All the best !
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