Stock name: Cera Sanitaryware Ltd.
Pattern: Head and shoulders pattern
Time frame: Weekly
Observation:
The stock has generally exhibited a positive trend, but between May 2023 and February 2024, it formed a head and shoulder pattern on the weekly chart. In February 2024, there was a breakout from this pattern, accompanied by higher-than-average trading volume. Subsequently, the stock experienced a downward movement. Presently, the stock's RSI is at low levels. Based on technical analysis, the stock might continue its downward trajectory if the current momentum is sustained.
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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: PCBL Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Post covid pandemic, the stock has consistently shown an upward trajectory. However, between January and February 2024, a double top pattern emerged on its daily chart. A breakout from this pattern occurred with above-average trading volume. Following the breakout, the stock underwent a successful retest and is presently moving downward. Additionally, the stock's RSI levels are currently low. Technical analysis suggests that the stock may continue its descent if the existing momentum persists.
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.
News for the day:
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