Reliance Industries Limited (RELIANCE) Stock - Complete Technical Analysis - Sep 24, 2024

Reliance Industries: Technical Insights & Key Levels for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Today, were diving into the technical analysis of Reliance Industries Limited, currently trading at 2,979. The stock is witnessing some interesting patterns and key indicators.

Starting with the momentum indicators, the MACD shows a negative reading, suggesting potential bearish momentum, while the RSI indicates the stock is hovering around neutral territory, signaling a balanced market sentiment. The Stochastic indicators are slightly bullish, indicating that the stock might be in a corrective phase after recent declines.

Looking at the moving averages, we notice that the stock is currently trading below the shorter-term moving averages, indicating a potential downtrend. The classic pivot point stands at 2,988. If the price can surpass this level, we might see a rally towards resistance levels, potentially reaching around 3,110.

On the support side, key levels are established around 2,897, with the stock showing resilience at this level. A break below this support could open the door to further declines towards the 2,775 mark.

Additionally, the Average True Range is suggesting moderate volatility, which traders should consider while planning their entries and exits. The overall trend remains cautious, and traders should watch for a breakout or breakdown around the established pivot points.

In summary, keep an eye on the pivot points, as they will be crucial in determining the next move for Reliance Industries Limited.