Topic Statement:
Reliance has undergone a sharp correction in recent months, significantly influencing the broader market downturn, but key technical levels suggest a potential stabilization.
Key points:
1. The stock has corrected to the 38.2% retracement level, receiving strong support.
2. Price is now below the 180-day exponential moving average, indicating oversold conditions.
3. Weekly RSI stands at 34, marking an oversold zone from a long-term perspective.
Reliance has undergone a sharp correction in recent months, significantly influencing the broader market downturn, but key technical levels suggest a potential stabilization.
Key points:
1. The stock has corrected to the 38.2% retracement level, receiving strong support.
2. Price is now below the 180-day exponential moving average, indicating oversold conditions.
3. Weekly RSI stands at 34, marking an oversold zone from a long-term perspective.
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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.