Stock name: Equitas Small Finance Bank Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Since June 2022, the stock has seen a significant upward momentum. From December 2023 to March 2024, it stabilized and formed a head and shoulders pattern on its daily chart. A noteworthy breakout from this pattern transpired on March 07, 2024, accompanied by above-average trading volume. Subsequently, the stock trended downwards post-breakout. Currently, it is undergoing a retest of the breakout level. According to technical analysis, if the stock successfully completes this retest and maintains momentum from the breakout, it may continue to trend further downwards.
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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: Shree Cement Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
Since June 2022, the stock has experienced notable upward momentum. Between November 2023 and February 2024, it stabilized and formed a double top pattern on its daily chart. A significant breakout from this pattern occurred on February 28, 2024, accompanied by above-average trading volume. Presently, the stock is undergoing a retest of the breakout level. RSI and MACD indicators, show that this retest may lead to a reversal. However, as per technical analysis if the stock completes the retest and continues its momentum from the breakout, it may trend further downwards.
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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