Reliance Industries Limited (RELIANCE) Stock - Complete Technical Analysis - Oct 04, 2024

Reliance Industries Technical Analysis: Bearish Signals and Key Support Levels

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. In analyzing Reliance Industries Limited (RELIANCE) stock, currently priced at 2,773.05, we see significant bearish signals from various technical indicators. The stock has recently closed below critical support levels, suggesting a downward trend. The presence of the bearish Three Black Crows pattern indicates continued selling pressure. The RSI indicates the stock is in the oversold territory, which could suggest a potential bounce back, but the ADX below 20 signifies a weak trend.

For immediate support, we can observe levels at approximately 2,800 and 2,874, while resistance is found near the 2,970 mark, with further strong resistance around 3,000. The stock's current volatility, highlighted by the ATR, indicates wider price movements, implying traders should be cautious. Over the last five days, we've seen a consistent decline, with recent highs failing to hold, indicating bearish sentiment dominating the market.

It's important to note that Reliance has been trading 13.82% below its 52-week high of 3,217.6 and is 24.90% above its 52-week low of 2,220.3. This price action, coupled with the bearish indicators, suggests that traders should watch for signs of reversal but remain cautious due to the prevailing downward momentum.