[Premium] Trade Of The Week

JC Parets
September 6, 2021

This week we’re looking at a long setup in the Energy sector. It's a big name and there has been a breakout in the making for quite some time now. You've probably guessed it by now.

Let's take a look at the trade idea this time around.

Reliance Industries has moved past its September 2020 resistance and now looks ready for a new leg higher. The price broke out above 2,075 and has been consolidating at those levels for a while now. The price has now moved past 2,369.35, which was the high that we saw in September 2020.

With this move, the stock looks ready for a dash towards 2,817. The risk management level to keep in mind however would be 2,075.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team

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