Stock name: Gujarat Fluorochemicals Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since November 2023, the stock has experienced significant upward momentum. Beginning January 2024, it stabilized and exhibited a double top pattern on its daily chart. On March 12, 2024, the stock broke out from this pattern, accompanied by average trading volume. Following the breakout, the stock has been trending downward with relatively low levels of RSI. According to technical analysis, if the breakout momentum persists the stock may see continued 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: Hindustan Petroleum Corporation Ltd.
Pattern: Rounding bottom pattern and retest
Time frame: Monthly
Observation:
After reaching its previous all-time high in 2017, the stock experienced a subsequent decline. Recently, it managed to surpass its previous all-time high in February 2024. This has led to the formation of a rounding bottom pattern on its weekly chart spanning from September 2017 to February 2024. February 2024 witnessed a breakout from this pattern accompanied by significant trading volume. Presently, the stock is undergoing a robust retest of the breakout while the RSI indicates overbought levels. According to technical analysis, the stock might see further cooling in RSI levels. However, if the stock successfully rebounds from the retest, it could potentially continue its upward 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.
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