Stock name: Bharat Forge Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock experienced a sharp upward rally starting in February 2024, reaching its all-time high (ATH) around June 2024. It then cooled off, forming a head-and-shoulders pattern on the daily chart. A decisive breakdown from the pattern occurred in early November 2024, despite low trading volumes, with the stock continuing its downward movement. Recently, a red candle with significant volume reinforced the bearish momentum, and technical analysis suggests the stock may decline further. 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.
Stock name: JSW Energy Ltd.
Pattern: Triple top pattern and retest
Time frame: Daily
Observation:
The stock has been in an uptrend from March 2023 onwards but consolidated between June and December 2024, forming a triple-top pattern on the daily chart. It broke down from the pattern on December 26, 2024, with low trading volumes. During the subsequent retest, the stock formed a red candle with significant volumes, signalling selling pressure. Having completed the retest, the stock is now moving downward, and if the current momentum persists, the stock may decline further as per technical analysis. 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.
