Reliance Industries Ltd. – Daily Chart Analysis and Trade Idea
The chart depicts a strong bullish setup for Reliance Industries on the NSE with a clear volume breakout confirming upward momentum. Key observations include:
Spring Base Formation: The price formed a solid base around the 1160 level (highlighted in yellow), acting as a springboard for the recent uptrend.
Markup Phase: Following the spring, the stock entered a decisive markup phase, driven by increasing buying interest and positive momentum.
Volume Breakout: Recently, a significant surge in volume accompanied the price breakout above a rising trendline support (blue), indicating strong buyer conviction.
Target Price: Based on the current price action and breakout strength, the target is set at 1600, offering a compelling upside potential.
Moving Average Support: The orange line representing the moving average provides dynamic support, validating the bullish trend continuation.
This technical setup suggests a strong buying opportunity with favorable risk-reward dynamics, provided the volume breakout sustains and the stock holds above the rising support line.
The chart depicts a strong bullish setup for Reliance Industries on the NSE with a clear volume breakout confirming upward momentum. Key observations include:
Spring Base Formation: The price formed a solid base around the 1160 level (highlighted in yellow), acting as a springboard for the recent uptrend.
Markup Phase: Following the spring, the stock entered a decisive markup phase, driven by increasing buying interest and positive momentum.
Volume Breakout: Recently, a significant surge in volume accompanied the price breakout above a rising trendline support (blue), indicating strong buyer conviction.
Target Price: Based on the current price action and breakout strength, the target is set at 1600, offering a compelling upside potential.
Moving Average Support: The orange line representing the moving average provides dynamic support, validating the bullish trend continuation.
This technical setup suggests a strong buying opportunity with favorable risk-reward dynamics, provided the volume breakout sustains and the stock holds above the rising support line.
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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.
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.