Topic Statement:
Reliance is in a strong bullish phase, continuing its recovery momentum after a solid technical reversal.
Key Points:
The stock reversed sharply from a double bottom pattern at the 38.2% Fibonacci retracement level, offering strong support.
It received an additional bullish push at the 23.6% level, reinforcing upward momentum.
The price is approaching its lifetime high of 1161, where a double top formation is likely and could act as a profit-booking zone due to expected resistance.
Now trading above the 180-day EMA, the stock is technically overbought, suggesting a potential pause or pullback near the peak.
Reliance is in a strong bullish phase, continuing its recovery momentum after a solid technical reversal.
Key Points:
The stock reversed sharply from a double bottom pattern at the 38.2% Fibonacci retracement level, offering strong support.
It received an additional bullish push at the 23.6% level, reinforcing upward momentum.
The price is approaching its lifetime high of 1161, where a double top formation is likely and could act as a profit-booking zone due to expected resistance.
Now trading above the 180-day EMA, the stock is technically overbought, suggesting a potential pause or pullback near the peak.
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