Stock name: Anupam Rasayan India Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
Since its listing in 2021, the stock witnessed an upward trajectory before consolidating and forming a double top pattern on its weekly chart. April 2024 saw a breakout from this pattern, accompanied by above-average trading volume. Subsequently, the stock has been trending downwards, with the RSI at a low level. Technical analysis suggests that if the stock maintains its breakout momentum, it may continue its downward 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: Birlasoft Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since January 2023, the stock has been on an upward trend. Between December 2023 and April 2024, it stabilized, forming a head and shoulders pattern on its daily chart. On April 15, 2024, the stock broke out from this pattern, backed by a bearish MACD indicator. Following the breakout, the stock has descended. Technical analysis suggests that if the current momentum persists, further downward movement may be expected.
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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