Stock name: Clean Science and Technology Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock experienced a decline starting in January 2024, which stabilized between March and May, forming a double bottom pattern on the daily chart. It had a significant breakout on May 22, 2024, with substantial trading volume. However, after the breakout, the stock is undergoing a major retest, causing its RSI to drop to around 55. According to technical analysis, if the stock rebounds from this retest, it may continue to rise.
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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: Finolex Cables Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
The stock has shown an overall upward trend. From the period January 2018 to May 2024, the stock has formed a cup and handle pattern on its weekly chart. In May 2024, it broke out of this pattern with significant trading volume. This breakout was reinforced by a positive MACD signal recently. According to technical analysis, if the stock sustains this breakout momentum, it may continue its upward movement.
You may add this to your watch list to understand further price action.
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
- Mukesh Ambani's Reliance Industries Ltd (RIL) is entering the African telecom market through its subsidiary Jio Platforms Ltd (JPL). Radisys, owned by JPL, is teaming up with Tech Mahindra and Nokia to partner with Next-Gen Infrastructure Co. (NGIC). NGIC, partly owned by the Ghanaian government, will be Africa's first neutral 5G shared infrastructure provider, starting in Ghana and expanding continent-wide. This marks RIL's entry into the global telecom tech sector.
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- IDBI Bank's Stressed Assets Stabilisation Fund (SASF) received 18 expressions of interest from asset reconstruction companies to buy ₹6,151 crore in non-performing loans. SASF aims to recover 11.59%, with a reserve price of ₹713 crore. Notable interested ARCs include Arcil, JC Flowers, and Edelweiss. The auction date will be announced soon.
