Reliance Industries Weekly Stock Chart Technical Analysis:
Reliance Industries weekly stock chart on NSE has ended with a Spinning Top. This shows an indecisive market where neither the buyers or the sellers are willing to take control.
The week opened at 1088 and closed at 1096.25, with intraweek high and low of 1110 and 1076.4. This shows low stock volatility even though the interest in the stock has been good.
Outlook for next week: The market is expected to move sideways with more volatility than this week.
Technical Indicators:
The moving averages of 20, 50 and 100 weeks have converged. The 20 week average has crossed the 50 and 100 week averages from below. A big move can be expected soon, hopefully positive, though it does not seem likely in this week.
The stock is flying through the oversold levels already and the blue line has formed an angle to touch the red line already. This means the price could slow down this week.
RIL Q2 results have been announced with mixed reception. Some believe they are in tune with expectation and others believe they are lower than expectation. This means a volatile but indecisive week lies ahead.
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