Stock name: Bharat Petroleum Corporation Ltd.
Pattern: Resistance breakout
Time frame: Weekly
Observation:
Over an extended duration, the stock has moved between 260 and 530, creating a parallel channel from 2016 to 2024 on its weekly chart. In January 2024, the stock experienced a breakout from the parallel channel's resistance, backed by higher-than-average trading volume. Post breakout the stock moved in the upward direction. According to technical analysis, the stock may see further upward movement if it can sustain the momentum generated by the breakout.
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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: Bank of Baroda
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Following its all-time high in January 2015, the stock experienced a downward trend until recently when it began an upward trajectory. Presently, the stock has reached the same level as in 2015, forming a rounding bottom pattern from 2015 to 2023. Towards the end of 2023 in the month of December 2023, the stock has registered a breakout, supported by average trading volume. Post-breakout, the stock is on an upward trajectory, and technical analysis suggests that the stock may see further upward movement 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.
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