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Reliance or RIL Technical Opinion is based on multiple trading setups including harmonic patterns. Based on candlestick patterns, it is showing bearish bias because of engulfing bearish and three black crows. You can also see Doji.
Recently the Reliance made a double top M pattern. It is considered very reliable. The near term support is at Rs 1235 based on support and resistance. The Fibonacci retracement also suggests support based on price action strategy.
Reliance Technical Opinion or analysis also shows N-type patterns, you may call it harmonic patterns or repetitive patterns or fractals. Repetition of these patterns suggested the continuation of a trend.
For long term investment, Reliance share price is approaching the 20-period exponential moving average with a bearish bias. Ideally, for a multibagger stock, it is better to invest at a crossover of 20 and 200 periods EMA.
In option chain analysis, the short term trend is bearish as there are strong resistance points but weak support points in the option chain. The premium decay and probability analysis also suggest the same.
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