RVNL - Currently turning from the bottom support area.

7 Nov

1. **Ascending Channel**:
- The stock has been following a larger ascending channel, indicating an overall long-term uptrend.
- However, within this channel, a secondary descending channel appears in the recent period, suggesting a correction within the larger uptrend.

2. **Recent Price Action**:
- The price is attempting to break out of the smaller descending channel within the larger ascending channel.
- It is currently near the upper boundary of this descending channel. A breakout above this level, especially if it closes above, could signal a continuation of the larger uptrend.

3. **Volume Analysis**:
- There has been a recent increase in volume as the price rises, which could indicate buying interest and possibly a reversal of the recent downtrend.

4. **RSI**:
- The RSI is around 51.46, near the neutral 50 line, It is also trending slightly upward. If it continues to rise above 50, this would reinforce bullish momentum.

5. **Support and Resistance Levels**:
- **Immediate Resistance**: Around the upper boundary of the descending channel, and a successful breakout would make the next resistance at the upper boundary of the broader ascending channel.
- **Support**: The lower boundary of both channels is key, providing support if the price turns back down.

### Conclusion
This chart suggests that the stock is in a potential breakout phase from its recent downtrend, while remaining within a larger uptrend. A strong breakout from the smaller channel and sustained movement above 50 in the RSI would strengthen the bullish case. However, a rejection at this level may lead to further consolidation or a retest of lower support levels.