Stock name: Emami Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Starting March 2023, the stock displayed an upward trend, stabilizing from August 2023 and forming a double top pattern on the daily chart between August 2023 and February 2024. A breakout from this pattern occurred on February 8, 2024, leading to a subsequent downward movement. The stock's RSI is currently at a notably low level. Technical analysis suggests that if the stock maintains this momentum, it may experience further downward movement.
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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: NMDC Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Since January 2010, the stock has experienced a downward trend, followed by a stabilizing phase over an extended period, showing signs of improvement only recently. It has successfully reached its March-April 2011 levels and exhibited a rounding bottom pattern between March 2011 and January 2024, culminating in a breakout in January 2024. This breakout was accompanied by above-average trading volume. However, caution is warranted as the stock is currently in an overbought state according to the RSI, and a bearish pattern has formed on its daily chart, suggesting a potential retest of the breakout levels. Despite these challenges, according to technical analysis, maintaining the breakout momentum may lead to further upward movement.
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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.
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