Bearish Momentum divergence can be noticed in Reliance as the price was making higher high (July till September) while the RSI was making lower highs.
Bearish momentum divergence has given signals multiple times before an extended underperformance.
i.e OCT - DEC '19, JAN - MAY '19
Divergence signals can be noise too. When an uptrend gets started, the momentum gets added faster compared to when the uptrend gets extended, so one should wait for price confirmation.
Do Earnings matter at all?
Here's the Green/ Red Dotted line represent the average price of the day when earning was announced for Reliance Industries. So it can be seen that these levels act as support and resistance levels.
While the earnings for this quarter were announced on 30th October, it can be noticed that the price was getting weaker a long ago. We can see the price has been a better indicator, so recent news flows regarding... well, multiple stuff doesn't matter much, but it can further diminish the sentiment.