Stock name: Anant Raj Ltd.
Pattern: Resistance breakout
Time frame: Daily
Observation:
Since its listing, the stock has been in an upward trend, reaching its all-time high on October 16, 2024. After stabilizing, it formed a resistance line near this level on the daily chart. On December 16, 2024, the stock broke out above its previous ATH, confirmed by a strong green candle with significant volume on December 17. Currently trading in its highest zone, technical analysis suggests the uptrend may continue if the momentum persists. 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: Rashtriya Chemicals & Fertilizers Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock reached its all-time high in July 2024 but cooled off afterward, mirroring the broader market's downward movement. Between October and November 2024, it formed a double bottom pattern on the daily chart, breaking out on November 28. Following a minor uptick, the stock stabilized above the breakout level. On December 17, it experienced significant upward movement with high volume but is currently facing resistance. As per technical analysis, a breakout from the resistance level may lead to further gains. 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.
