Stock name: Indraprastha Gas Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
Since May 2023, the stock has experienced a decline, but it subsequently stabilized and exhibited a double bottom pattern on its daily chart. On April 5, 2024, the stock broke out from this pattern with significant trading volume support, initiating an upward trend. Despite this positive movement, the stock's Relative Strength Index (RSI) indicates it is in the overbought zone. Nevertheless, according to technical analysis, if the current momentum persists, the stock may 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.
Stock name: G R Infraprojects Ltd.
Pattern: Double bottom pattern and retest
Time frame: Weekly
Observation:
From October 2021, the stock has shown a consistent downward trend. It found stability and created a double bottom pattern on its weekly chart spanning from September 2022 to April 2024. In early April 2024, the stock witnessed a breakout from this pattern, supported by moderate trading volume. Currently, the stock is undergoing a retest of the breakout level. Favourable conditions are indicated by the stock's Relative Strength Index (RSI). According to technical analysis, a potential upward movement may occur if the stock successfully rebounds from this retest.
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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