Reliance Industries Ltd. (RIL) Technical Analysis Overview

As of September 26, 2024, the daily chart of Reliance Industries (RIL) is presenting a cup and handle pattern, a bullish continuation structure suggesting potential upward movement in the stock price.

Key Insights:
  1. Cup and Handle Formation:

  • The stock has completed the cup portion and is forming the handle, indicating a likely breakout.

  • A breakout from the handle typically signals a bullish move.


  1. Breakout Levels:

*The price is currently trading near ₹2,995, nearing an important breakout level of ₹3,020.
A
* breakout above ₹3,074 could trigger further upward momentum.

*Targets:
*Target 1: The first potential target stands at ₹3,074 with a price move projection of 120 points (4.04%).
*Target 2: If momentum continues, a second target is projected at ₹3,205, with a price move of 233 points (7.86%).

*Volume Profile Analysis:
*The volume bars show significant interest between ₹2,920 to ₹3,020, indicating strong accumulation in this range.
*Above ₹3,074, volume support could drive the price higher, especially if the breakout is accompanied by increased buying volume.

*Moving Averages:
*The stock is trading above the 50-day and 100-day moving averages, which are providing good support and indicating bullish momentum in the medium term.

*MACD:
*The MACD line is about to cross above the signal line, signaling a potential buy opportunity with positive momentum.
*A strong bullish divergence between price and MACD suggests that momentum is picking up for an upward move.

Conclusion:
The chart of Reliance Industries is setting up for a possible bullish breakout, supported by technical indicators such as the cup and handle pattern, volume accumulation, and MACD crossover. Traders should watch for a sustained breakout above ₹3,074 to confirm the upward move, with targets of ₹3,205 and potentially higher in the medium term.
Chart PatternsCUPcupandhandlepatternTechnical IndicatorsrelianceindustriestechincalanalysistradingpatternsTrend Analysis

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