RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:
Reliance ended the week by taking support on its 1-year old trendline. CMP is 962.35
Market Outlook:
- The price has taken support and will either rise this week, or fall and take support at 910.
- If it rises, there is a buy opportunity with targets at 1050 and 1110.
Technical Indicators:
- Three Black Crows pattern has occurred on a weekly chart, which is a big negative signal.
- A short term upward correction could take place very soon.
- The price seems headed downwards overall even if it makes an upward correction.
- Reliance Industries has remained sideways since May last year, indicating that nothing significant is happening within the company and there is a status quo and also a sense of relaxed complacency within the company which is leading shareholders to neither take this stock price up nor take it down.
- That, Reliance Industries is sitting like a satisfied soul for over an year and a half, is not very easy to believe. Is Mukesh planning something very big, or is he too busy with other things in life?!
- Buy on upward correction, targets 1050 and 1110.
- Any fall below 874, and the price is gonna remain down for a long time after that.
RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis
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