Stock name: Elecon Engineering Co. Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since 2022, the stock has been on an upward trend, but it formed a double top pattern from September 2024. Around October 20-21, a breakdown from this pattern occurred with significant volume. In the next session, the stock continued its downward movement, closing below the breakdown line. If the stock sustains this momentum, it may see further decline according to technical analysis. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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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: Bajaj Finance Ltd.
Pattern: Support and reversal (Parallel channel)
Time frame: Daily
Observation:
The stock consolidated within a parallel channel from January to September 2024, briefly breaking out in mid-September. However, it failed to sustain the breakout and slipped back into the channel, following the market trend. On October 23, 2024, the stock reached the channel's support level and rebounded, forming a bullish engulfing pattern, signalling a potential reversal. If the current momentum holds, technical analysis suggests that the stock may see a upward movement ahead. 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.
