Stock name: Bank of India
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock has maintained an upward trajectory for an extended period. Recently, it stabilized and exhibited a double top formation on its daily chart between April and May 2024. A breakout from this pattern occurred on May 13, 2024, backed by substantial trading volume. Following the breakout, the stock has remained below the breakout line, accompanied by low levels of RSI. Technical analysis suggests that if the current momentum persists, the stock 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: Chambal Fertilizers & Chemicals Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
During the period spanning September 2022 to April 2024, the stock displayed a cup and handle formation on its weekly chart. In April 2024, the stock experienced a significant breakout from this pattern, accompanied by substantial trading volume and a bullish MACD indicator. Following the breakout, the stock retraced to test the breakout level and subsequently rebounded. Presently, the Relative Strength Index (RSI) indicates a favourable position. According to technical analysis, maintaining the current momentum may propel the stock further upward.
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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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