Stock name: APL Apollo Tubes Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
Since September 2023, the stock has been trending slightly downward. Between July and September 2024, it formed a double bottom pattern, with a breakout occurring on 25th September. Although the stock initially moved upward after the breakout, it retested the breakout level due to the broader market's downtrend. Currently, it is rebounding from the retest but lacks strong momentum. According to technical analysis, if the stock gains sufficient momentum, further upward movement may follow. 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: Rainbow Childrens Medicare Ltd.
Pattern: Inverse head and shoulders pattern
Time frame: Daily
Observation:
The stock has cooled off from its all-time high since May 2024. Between June and September 2024, it formed an inverse head and shoulders pattern on the daily chart, followed by a major breakout on 19th September, supported by high trading volume. Post-breakout, the stock showed strong upward movement with occasional high-volume candles. If the momentum holds, the stock may see further gains based on technical analysis. 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.
