Stock name: Alkyl Amines Chemicals Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock has been declining since July 2021. From March to July 2024, it formed a double bottom pattern on its daily chart but failed to break out. The previous high of the pattern is acting as a resistance line, causing a downward movement after reaching it. The stock's RSI levels remain favourable. According to technical analysis, a breakout with strong momentum might lead to further upward movement.
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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: Castrol India Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Since December 2014, the stock has been declining, but it recovered in 2023 and is now back to its 2014 levels, forming a rounding bottom pattern on the monthly chart. Currently, the stock is still below the 2014 levels and hasn't broken out from the pattern, making this a potential resistance level. The stock's RSI is very high, suggesting possible consolidation or correction. Technical analysis indicates that a breakout with strong momentum might lead to further 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.
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