Reliance Industries – Key Weekly Chart Setup | Strong Support Zone & Rebound Potential 🚀
Ticker: RELIANCE (NSE)
Timeframe: Weekly
Current Price: ₹1,299.50
Technical Indicators: 200W MA, Fibonacci Retracement, MACD Divergence
🔍 Technical Analysis Insight:
Reliance Industries is currently hovering around its 200-week moving average (MA) (~₹1,220–₹1,225 zone), which has historically acted as a strong long-term support. This confluence with the 61.8% Fibonacci retracement from the previous rally (₹1,608.55 to ₹1,121.55) makes this zone crucial.
Support Zone: ₹1,220–₹1,225
Immediate Resistance: ₹1,362–₹1,380 (near 38.2% retracement & 50W MA)
MACD: Showing bullish crossover on the weekly, along with a positive divergence — signaling potential trend reversal.
📌 If broader markets continue in a rebound phase, Reliance could rally up to 20% in a relatively short span. Targets could be ₹1,460 (23.6% retracement) and ₹1,600 (previous swing high).
🛑 Risk Management Note:
Keep an eye on volume confirmation. A weekly close below ₹1,200 could invalidate the bullish setup and warrant re-evaluation.
Ticker: RELIANCE (NSE)
Timeframe: Weekly
Current Price: ₹1,299.50
Technical Indicators: 200W MA, Fibonacci Retracement, MACD Divergence
🔍 Technical Analysis Insight:
Reliance Industries is currently hovering around its 200-week moving average (MA) (~₹1,220–₹1,225 zone), which has historically acted as a strong long-term support. This confluence with the 61.8% Fibonacci retracement from the previous rally (₹1,608.55 to ₹1,121.55) makes this zone crucial.
Support Zone: ₹1,220–₹1,225
Immediate Resistance: ₹1,362–₹1,380 (near 38.2% retracement & 50W MA)
MACD: Showing bullish crossover on the weekly, along with a positive divergence — signaling potential trend reversal.
📌 If broader markets continue in a rebound phase, Reliance could rally up to 20% in a relatively short span. Targets could be ₹1,460 (23.6% retracement) and ₹1,600 (previous swing high).
🛑 Risk Management Note:
Keep an eye on volume confirmation. A weekly close below ₹1,200 could invalidate the bullish setup and warrant re-evaluation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.