Stock name: 3M India Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Since May 2022, the stock has experienced a notable uptrend. Recently, it stabilized and exhibited a head and shoulder pattern on its daily chart. On April 15, 2024, the stock broke out from this pattern. Following the breakout, it underwent a strong retest of the breakout level and is presently trading above the neckline. Despite this, the RSI level remains relatively low. According to technical analysis, a successful completion of the retest and a subsequent downward momentum may lead to further decline.
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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: Bharat Forge Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
In February 2024, the stock experienced a significant decline. Following this, it stabilized and depicted a double bottom pattern on its daily chart. On April 19, 2024, the stock broke out from this pattern. Subsequently, it has been moving upwards accompanied by favourable RSI levels. Technical analysis suggests that if the stock maintains its current momentum, it may extend its upward trajectory.
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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.
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