Stock name: Godrej Consumer Products Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
In our previous blog on November 13, 2024 (link for reference), we highlighted the stock forming a head and shoulders pattern on the daily chart. The stock broke down from the pattern in November 2024, followed by a retest of the breakout level before resuming its downward move on December 6, 2024. A significant gap-down red candle with high volumes was registered on December 9, signalling strong bearish momentum. If this trend persists, technical analysis suggests the stock may see further declines. 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.
Stock name: Blue Dart Express Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
The stock witnessed a strong upward movement starting in March 2024. Between June and November 2024, it formed a head and shoulders pattern on the daily chart, breaking down from the pattern in November with low trading volume, followed by an immediate retest. On December 18, 2024, the stock broke down again with above-average volume, continuing its downward trajectory. If the bearish momentum persists, technical analysis suggests the stock may decline further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
