Stock name: Hero MotoCorp Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
The stock began trending upward from March 2023 onwards. The stock has formed a double-top pattern on the daily chart between May and October 2024. It broke down from this pattern on October 25, 2024. After a brief retest, it saw a sharp drop with high volumes on November 4, 2024. Based on technical analysis, if the current momentum persists, the stock may see further decline. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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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: Archean Chemical Industries Ltd.
Pattern: Support and reversal
Time frame: Daily
Observation:
Since December 2023, the stock has been moving sideways, establishing a strong support level around its December 6 close, with multiple rebounds from this point. On October 28, 2024, the stock bounced off this support again with significant trading volume. Post rebound the stock is moving in the upward direction. Technical analysis suggests that if the current momentum continues, further upward movement may follow. 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.
