Technical Analysis of DALBHARAT & RCF

Technical Analysis of DALBHARAT &  RCF

Stock name: Dalmia Bharat Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

Starting from June 2022, the stock has consistently trended upwards. From August 2023 to March 2024, it stabilized and formed a double top pattern on its weekly chart. In early March 2024, the stock broke out of this pattern. Following the breakout, it has been descending accompanied by a low RSI level. Technical analysis suggests that if this momentum persists, the stock may continue its downward trajectory.

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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: Rashtriya Chemicals & Fertilizers Ltd.

Pattern: Head and shoulder pattern

Time frame: Daily

Observation:

Post COVID the stock has seen upwards movement in the overall view. This consolidated and from December 2023 to March 2024, a head and shoulder pattern emerged on the daily chart. Notably, around March 12 and 13, 2024, the stock experienced a breakout from this pattern, accompanied by average trading volume. Presently, the stock's RSI level indicates significant weakness. Technical analysis suggests that if this momentum persists, the stock may potentially witness further decline.

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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