Reliance Industries Limited (RELIANCE) Stock - Complete Technical Analysis - Sep 03, 2024

Reliance Industries Stock Analysis: Key Support

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. Reliance Industries Limited (RELIANCE) is currently trading at 3,018. The stock's technical setup shows mixed signals. The Relative Strength Index (RSI) is around neutral, indicating no clear overbought or oversold conditions. The MACD suggests a bullish trend as it remains positive, but the Average Directional Index (ADX) shows a weak trend strength. The Stochastic RSI and Commodity Channel Index (CCI) both point towards possible overbought conditions, which might signal a potential pullback.

Support levels to watch are near the Classic Pivot S1 around 2,897 and the Woodie Pivot S1 at 2,915. Conversely, resistance levels are observed at the Classic Pivot R1 near 3,110 and the Woodie Pivot R1 around 3,128. The stock's moving averages, including the Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), are clustered around the current price, suggesting significant support near 3,010 and resistance around 3,033.

The bearish engulfing pattern recently identified could imply a short-term bearish outlook, though this needs confirmation through subsequent price action. The Average True Range (ATR) indicates high volatility, which traders should factor into their strategy. Overall, while there are indications of potential resistance, the overall trend appears mixed, with the stock currently hovering near key support and resistance levels.