Stock name: Century Plyboards (India) Ltd.
Pattern: Cup and handle
Time frame: Daily
Observation:
As discussed in the previous blog (link to the blog), the stock has formed a cup and handle pattern on its daily chart. It broke out on 26th August 2024 and has been trending upward since then. On 17th September 2024, the stock experienced a significant surge, rising nearly 10% in a single day along with a massive volume. The stock has also broken past the previous ATH with this candle. This strong upward movement suggests that the stock may see continued bullish momentum. 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: Oil & Natural Gas Corporation Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock has shown good upward movement following the post-Covid market crash. Between July 2024 and September 2024, it formed a double top pattern on its daily chart. A breakout in the downward direction occurred around 9th September 2024, after which the stock continued to decline with significant volume. Based on technical analysis, if the current momentum persists, the stock may experience further downward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
