RELIANCE in Rising Parallel Channel

This chart is a weekly timeframe analysis of Reliance Industries Ltd. (NSE: RELIANCE), showing price movements within a rising parallel channel. The key features of the analysis include:

1. Parallel Channel (Purple)
- The price is moving within an upward-sloping channel with clear support and resistance levels.
- The lower boundary of the channel is acting as dynamic support.
- The upper boundary serves as resistance.

2. Key Support and Resistance Zones (Blue)
- The chart highlights significant horizontal support and resistance areas.
- A crucial support zone is around **₹1,200–₹1,250**, where the price is currently reacting.
- A lower support zone exists near **₹1,050–₹1,100**, which could come into play if the price breaks down.

3. Projected Scenarios (Black Arrows)
- Bullish Scenario: If the price sustains above the current support zone and reclaims ₹1,300, an upward move toward the channel's upper boundary (~₹1,500–₹1,600) is likely.
- Bearish Scenario: If the price fails to hold above the support zone and breaks the lower channel trendline, it could decline toward the next major support near **₹1,050–₹1,100**.


### Interpretation
- The price is at a **critical decision zone**, where it could either bounce and continue the uptrend or break down for further correction.
- **Traders should monitor price action around the support zone** to determine the next move.