Reliance Industries: Key Levels to Watch Amid Channel Breakdown
Reliance Industries (RIL) is currently trading within a critical zone that could determine its short- to medium-term direction. Here's a breakdown of the key observations:
The stock has been respecting an ascending channel on the weekly chart. However, it is now testing the lower boundary of this channel, indicating potential weakness.
Immediate support is seen at ₹1,200, which aligns with historical consolidation.
A breakdown below ₹1,200 could open the doors to ₹1,100, which is the next significant support.
On the upside, ₹1,325 is a critical resistance level.
A breakout above ₹1,325 may lead to a rally toward ₹1,500, which is the next target based on historical price action and the upper range of the channel.
The stock might hover within the ₹1,200–₹1,325 range for a few weeks, allowing the market to decide its next direction.
The RSI on the weekly chart shows signs of a potential reversal but remains in a neutral zone, indicating indecision.
The stock has been respecting an ascending channel on the weekly chart. However, it is now testing the lower boundary of this channel, indicating potential weakness.
Immediate support is seen at ₹1,200, which aligns with historical consolidation.
A breakdown below ₹1,200 could open the doors to ₹1,100, which is the next significant support.
On the upside, ₹1,325 is a critical resistance level.
A breakout above ₹1,325 may lead to a rally toward ₹1,500, which is the next target based on historical price action and the upper range of the channel.
The stock might hover within the ₹1,200–₹1,325 range for a few weeks, allowing the market to decide its next direction.
The RSI on the weekly chart shows signs of a potential reversal but remains in a neutral zone, indicating indecision.
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