Stock name: Angel One Ltd.
Pattern: Inverse head and shoulders pattern and retest
Time frame: Daily
Observation:
In our previous blog dated November 7, 2024 (link for reference), we highlighted an inverse head and shoulders pattern on the stock's daily chart. Following a breakout on October 15, 2024, the stock retested the breakout level and rebounded by November 14, 2024. It then gained upward momentum, reaching its high by December 9, 2024. Later on, the stock has since declined from that level.
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.
Stock name: Sobha Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
The stock has been in an upward trend since March 2023. However, between May and October 2024, it formed a double-top pattern on the daily chart, breaking down from the pattern by late October 2024. Despite the breakdown, downward momentum was initially limited due to low volumes. After retesting the breakdown level, the stock resumed its decline from December 10, 2024, with sustained downward movement. Notably, it has formed large red candles with high volumes in the last two trading sessions, suggesting that if the current momentum persists, the stock may decline further as per technical analysis. 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.
