Stock name: Avenue Supermarts Ltd.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
Since October 2021, the stock has experienced a downward trend, followed by consolidation and the formation of a double bottom pattern on its weekly chart from November 2022 to March 2024. In March 2024, the stock broke out from this pattern, supported by above-average trading volume and a bullish MACD indicator, resulting in an upward movement. Currently, the stock's Relative Strength Index (RSI) indicates overbought conditions. According to technical analysis, if the stock maintains its current momentum, it could continue to move upwards.
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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: Supreme Industries Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
Since December 2023, the stock has trended downwards, followed by consolidation and the formation of a double bottom pattern on its daily chart between February and March 2024. Towards the end of March 2024, the stock experienced a breakout from this pattern, backed by above-average trading volume. Subsequently, the stock underwent a retest of the breakout level. Presently, the stock's Relative Strength Index (RSI) indicates favourable conditions. Technical analysis suggests that if the stock rebounds from the retest, it may potentially 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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