Stock name: Adani Green Energy Ltd.
Pattern: Island reversal
Time frame: Daily
Observation:
The stock formed a gap-up in December 2023, followed by an upward movement before reversing its trend. On November 21, 2024, it registered a gap-down, creating a bearish island pattern on the daily chart. This breakdown triggered a sharp downward movement with significant momentum. Currently, the stock is at a key support level, and if the downward momentum persists, it may see further declines. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
Stock name: Apollo Tyres Ltd.
Pattern: Support and reversal
Time frame: Daily
Observation:
Since December 2023, the stock has been trading within a parallel channel, rebounding multiple times from its support level. Following a downward movement since September 2024, it again touched the support on November 14, 2024, and rebounded with strong volume support. Post-rebound, the stock has shown consistent green candles, indicating positive momentum. If this momentum continues, technical analysis suggests that the stock may see further upward movement within the channel. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
