Stock name: Indiamart Intermesh Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
Since September 2023, the stock has undergone a downward trend. Between December 2023 and May 2024, it stabilized, forming a double bottom pattern on its daily chart. On May 2, 2024, the stock broke out from this pattern, backed by significant trading volume. Yet, subsequent to the breakout, it underwent a substantial retest, closing below the breakout level. This retest caused a decline in the stock's RSI level. According to technical analysis, a rebound from this retest may prompt an upward movement in the stock.
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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: Laurus Labs Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Since August 2021, the stock experienced a decline before stabilizing post-November 2022. Notably, it formed a cup and handle pattern on the weekly chart. In April 2024, the stock broke out from this pattern with strong trading volume and a bullish MACD indicator. Presently, it is undergoing a retest of the breakout level, coinciding with a favourable RSI level. Technical analysis suggests that if the stock rebounds from this retest, it may potentially ascend further.
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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.
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