Stock name: BASF India Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock experienced a strong upward trend beginning in June 2024. Between September and November 2024, it formed a double-top pattern on the daily chart. On November 12, 2024, the stock saw a major breakdown with high volumes, followed by a subsequent downward movement. Technical analysis suggests that if the current momentum persists, the stock may face further decline. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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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: The Ramco Cements Ltd.
Pattern: Resistance breakout
Time frame: Daily
Observation:
After reaching a high in December 2023, the stock has cooled down and has seen downward movement. Later on the stock has seen a sideways consolidation from February to November 2024. During this phase, it formed a resistance line, which the stock tested multiple times but failed to decisively break. On November 12, 2024, the stock finally broke out above this level with significant trading volume. It immediately retested the breakout level and managed to stay above it. According to technical analysis, if the stock sustains the breakout momentum, the resistance line may turn into support, and it may lead to upward movement. 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.
