Stock name: Aditya Birla Capital Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
Post-COVID, the stock has been in an uptrend. It has only recently formed a double-top pattern on its weekly chart during the period from April 2024 to November 2024. In mid-November, it broke down from the pattern but lacked strong volume support and immediately retested the breakdown level. By the second week of December 2024, the stock resumed its downward movement post-retest. Technical analysis suggests that if the stock gains downward momentum, it may see further decline. 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.
Stock name: ZF Commercial Vehicle Control Systems India Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
The stock has been in an uptrend since November 2020 but formed a double-top pattern on its weekly chart between September 2023 and November 2024. In the final week of November 2024, it broke down from the pattern with strong volume support and has been declining since. Technical analysis indicates that if the downward momentum persists, the stock may decline further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
