RIL after making a high of Rs 2369, corrected to 1835 levels. Since November 2020, RIL has underperformed NIFTY50. While NIFTY is making all-time high, Ril is consolidating in a range for almost a year.
It is remarkable that RIL is in the structure of making higher high & the price is moving northwards making rounding bottoms.
Recently RIL has also completed its inverse head & shoulder pattern, taking RIL to 2227 level. Now, RIL is at supply zone, if it breakouts from this zone, the stock might rally to its all-time high zone.
Before initiating any position, there should be an expansion in price & volume.