[Premium] Trade Of The Week

JC Parets
March 28, 2022

Energy has made new all-time highs and today we have a long setup from the same sector.

A big name has joined the races and we're here to discuss just that.

For quite some time, Reliance has been missing from our trade ideas simply because the price had been moving in a sideways range. In the week gone by, the price has rallied above its resistance of 2,565. By absorbing the overhead supply at this level, a new target opens up from a short-term perspective.

The indicator is in the bullish momentum zone and the price has moved out of a five-month base.

With Energy rallying the way it is, Reliance cannot be left behind. We finally have a breakout and move come through!

We are bullish on Reliance above the risk management level of 2,565 with a target close to 2,750.

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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