Reliance has recently taken support at the lower edge of its falling wedge formation and is now trading close to the upper boundary of this pattern. Over the last 5 sessions, the price action has been compressed within an inside candle formation, signaling contraction in volatility and a possible breakout setup.
Support Zone: ₹1350 (key wedge support and near-term demand zone)
Trigger Level: A sustained move above ₹1385 will confirm strength and indicate breakout potential.
Upside Targets: On confirmation, the stock can head towards ₹1430 initially, followed by ₹1470 in the short term.
Risk Level: A close below ₹1350 would negate the bullish setup and can lead to further weakness.
Technical View:
The combination of a wedge support bounce + multiple inside candles suggests a volatility squeeze. Break above 1385 with volume could accelerate momentum
Support Zone: ₹1350 (key wedge support and near-term demand zone)
Trigger Level: A sustained move above ₹1385 will confirm strength and indicate breakout potential.
Upside Targets: On confirmation, the stock can head towards ₹1430 initially, followed by ₹1470 in the short term.
Risk Level: A close below ₹1350 would negate the bullish setup and can lead to further weakness.
Technical View:
The combination of a wedge support bounce + multiple inside candles suggests a volatility squeeze. Break above 1385 with volume could accelerate momentum
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