Stock name: Honeywell Automation India Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock’s overall trend has remained upward, but between May and October 2024, it formed a head and shoulders pattern on the daily chart. On October 30, 2024, it registered a breakdown from this pattern with a gap-down opening and significant trading volume. Since the breakout, the stock has closed below the breakdown line for several sessions and is now encountering some support. According to technical analysis, if the stock regains its breakdown momentum, it may face 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: RattanIndia Enterprises Ltd.
Pattern: Support and reversal
Time frame: Daily
Observation:
From April to July 2021, the stock experienced a strong upward trend, reaching a new all-time high. After this surge, the stock cooled off, creating a resistance level. Following several attempts, it finally broke through this resistance in November 2023, turning the resistance line into a support line. Since then, the stock has consolidated, frequently holding above this support. During the recent market correction, the stock has also seen some downward movement and rebounded towards the end of October 2024 from the support line. Technical analysis suggests that if the stock sustains this rebound momentum, 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.
