Stock name: Bombay Burmah Trading Corporation Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
After a downward trend since September 2018, the stock recently recovered and surpassed its 2018 levels, forming a rounding bottom pattern on the monthly chart from September 2018 to June 2024. The stock broke out of this pattern in June 2024 with significant volume and has continued to rise. However, the current RSI level indicates the stock is in the overbought zone, which may lead to a retest. According to technical analysis, if the stock maintains its momentum, it might continue to move higher.
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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: Flag and pole pattern
Time frame: Daily
Observation:
The stock experienced a sharp rise in June 2024, followed by consolidation in July and August 2024, forming a flag and pole pattern on the daily chart. Although it hasn’t broken out yet, the stock is nearing the breakout line. The MACD indicator is close to signalling a bullish trend, and the RSI levels are favourable. Technical analysis suggests that if the stock breaks out with strong momentum, it may continue to rise.
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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