Stock name: General Insurance Corporation of India
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
Since March 2023, the stock has been on an upward trend. Between January and March 2024, it stabilized and formed a double top pattern on the daily chart. On March 12, 2024, the stock broke out of this pattern, backed by average trading volume. Following the breakout, it underwent a retest and began descending again. Presently, the stock's RSI levels are low. As per technical analysis, the stock may see continuation of its downward trajectory if the current momentum continues.
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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: The New India Assurance Company Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
The stock has experienced an upward trend since November 2023. From January to March 2024, it stabilized and formed a double top pattern on its daily chart. On March 13, 2024, the stock broke out of this pattern, supported by above-average trading volume. Following the breakout, it completed a retest and resumed its downward movement. Currently, the stock's RSI levels are low. As per technical analysis sustaining the current momentum may lead to further decline.
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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