Stock name: Birla Corporation Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
The stock experienced an upward trend in 2023 but stabilized from December, forming a head and shoulders pattern on its daily chart. In May 2024, it broke out of this pattern, supported by a bearish MACD indicator. Since the breakout, the stock has been retesting the breakout level and is currently below it, with a low RSI. Technical analysis suggests that if the stock gains downward momentum, it may decline further.
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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: RITES Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock has been in a downward trend since February 2024. Between April and May 2024, it stabilized and formed a double top pattern on its daily chart. On May 18, 2024, the stock broke out from this pattern, supported by a bullish MACD indicator. After the breakout, the stock underwent a significant retest leading to a favourable RSI level. Technical indicators suggest that if the stock rebounds from the retest, it may move upwards.
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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