Reliance Industries

• 27 May, 2024 Ruchit Thakur

Reliance Industries

Reliance Industries is poised for a major breakout, or will it be reversed?

Reliance Industries has an excellent opportunity to enter at the current market price with a large objective on either side.

Please analyze the daily chart of Reliance Industries. The stock is trading at trendline resistance and can move in either direction upon confirmation. The potential upside ranges from 3200-3400 zones, while the downside ranges from 2700 to 2500 zones. 
 

• Reliance Industries is providing an excellent chance because it is trading in the make-or-break zone on a daily time frame.
• Reliance Industries is getting a good supply near trendline resistance and the 2950-3000 zones.
• The risk-to-reward ratio is optimal for initiating a short sell trade at the present market price.

Please check the accompanying Reliance Industries chart for your reference. Reliance Industries' daily chart shows a declining trend, with resistance in the 2950-3000 zone. The breakout will occur above the 3000 zone, and it may head towards the 3200 and 3500 zones, respectively; but, if it turns and falls below the 2900 zone, the downside is open to the 2700 and 2500 zones.

Please look at the downward sloping trendline, which has been sliding downward since March 2024 and is currently producing supply. So far, the stock has followed the trendline and is declining. One can seek for a short opportunity in the current zone because the stock is facing resistance around 2950-3000 and the stop loss is around 3020-3050, thus the risk-reward ratio is ideal for this chance.

Traders might enter futures June contracts at the current market price with a stop loss around 3020-3040 levels to reach the price targets of 2500 and 2700.

Take a look at the support and resistance levels of Reliance on the Daily chart. All levels are in spot chart : 

Company Profile : Reliance Industries Limited is a privately held corporation that engages in petrochemical manufacturing and refining, textiles, retail, marketing, telecommunications, and other businesses. It was the first privately held Indian company to join the Fortune 500. The headquarters are in Mumbai.