APLLTD | INVERSE HEAD AND SHOULDER |
Stock name: Alembic Pharmaceuticals Ltd.
Pattern: Inverse head and shoulder pattern
Time frame: Weekly
Observation:
Since December 2020, the stock has experienced a decline. Between January 2022 and January 2024, it exhibited an inverse head and shoulder pattern on the weekly chart. The first week of January 2024 witnessed a breakout from this pattern, backed by above-average trading volume and a positive MACD indicator signal. Subsequently, the stock has been on an upward trajectory. According to technical analysis, the stock may continue its ascent if the current momentum is sustained.
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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.
GRAPHITE | INVERSE HEAD AND SHOULDER |
Stock name: Graphite India Ltd.
Pattern: Inverse head and shoulder pattern
Time frame: Weekly
Observation:
Since May 2021, the stock has undergone a downward trend. Between October 2021 and December 2023, it developed an inverse head and shoulder pattern on its weekly chart. In December 2023, the stock successfully broke out from this pattern with substantial trading volume and a positive MACD indicator signal. Following the breakout, there was a retest of the breakout level. Presently, the stock's RSI levels are favourable. Technical analysis suggests that if the stock rebounds from the retest, it may continue its upward movement.
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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News for the day:
- Vodafone Idea (Vi) aims to roll out 5G services in India within the next six months, according to reports. The telecom company is gearing up to introduce the next-generation technology to enhance its network capabilities.
- Consumer electronics companies anticipate a surge in household appliance adoption following Budget 2024's emphasis on housing and solar schemes. The budget includes plans for rooftop solarization, providing free electricity to one crore households. Industry executives foresee medium-to-long-term sales growth, particularly in the housing sector and solar appliances.
- The electric vehicle sector awaits clarity on FAME subsidy extension, as the interim budget did not address the future of FAME II set to expire in March. Industry seeks specifics on subsidies and taxation, highlighting challenges like parking space for light EVs and urging a comprehensive strategy, including reduced GST rates and affordable financing for critical infrastructure.
