Stock name: Coromandel International Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
Since December 2023, the stock has experienced a downward trend. Subsequently, it consolidated and established a double bottom pattern on its daily chart. On April 2, 2024, the stock broke out from this pattern, backed by a positive MACD signal. Following the breakout, the stock has exhibited upward momentum, accompanied by high RSI levels. According to technical analysis, if the current momentum persists, further upward movement may be anticipated.
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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: Punjab National Bank
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
The stock has seen a prolonged downward trajectory before stabilizing and recently showing signs of an upward trend. By January 2024, it had surpassed its 2019 levels, shaping a rounding bottom pattern spanning from April 2019 to January 2024. The breakout in 2024 was accompanied by above average trading volume, and post-breakout, the stock maintained its upward trajectory. Presently, the stock's RSI indicates overbought conditions, potentially signalling a retest. According to technical analysis, sustained breakout momentum may drive the stock further upward.
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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