Reliance short term analysis :
• Looking at the weekly chart for Reliance, the Stochastic Oscillator (Stoch) is indicating potential strength as it hovers near the oversold zone.
• This suggests that the stock might be nearing a potential buying opportunity from a long-term perspective.
• However, it's crucial to consider the daily chart for a more short-term view. On the daily chart is trading close to the overbought zone, which implies that the stock might be overextended in the short term and due for a price correction.
• This divergence in signals between the weekly and daily charts suggests the possibility of a short-selling opportunity in Reliance.
• This suggests that the stock might be nearing a potential buying opportunity from a long-term perspective.
• However, it's crucial to consider the daily chart for a more short-term view. On the daily chart is trading close to the overbought zone, which implies that the stock might be overextended in the short term and due for a price correction.
• This divergence in signals between the weekly and daily charts suggests the possibility of a short-selling opportunity in Reliance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.