Stock name: Alembic Pharmaceuticals Ltd.
Pattern: Triple top pattern and retest
Time frame: Daily
Observation:
The stock has been on an upward trend since March 2023 but stabilized and formed a triple top pattern from January to May 2024. It broke out of this pattern on May 31, 2024, with above-average trading volume. After the breakout, the stock moved downward and is now retesting the breakout level. Currently, the stock has a low RSI. According to technical analysis, if the stock experiences downward momentum after the retest, it may decline further.
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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: Devyani International Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock has been on a downward trend since September 2023. From February to June 2024, it moved sideways and formed a double bottom pattern on its daily chart. It broke out of this pattern on June 6, 2024, with above-average trading volume and a bullish MACD indicator. Currently, the stock is retesting the breakout level and has an overbought RSI. According to technical analysis, if the stock successfully completes the retest and rebounds, it may continue to move upwards.
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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