Stock name: Intellect Design Arena Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
The stock has been on an upward trajectory since January 2023. From January to October 2024, it formed a double top pattern on the weekly chart and broke down from the pattern in October 2024. Following the breakdown, the stock has been moving downward, but trading volumes remain low. According to technical analysis, if the stock sustains its downward momentum, further declines may occur. 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: Steel Authority of India Ltd.
Pattern: Head and shoulders pattern
Time frame: Weekly
Observation:
The stock has been in an uptrend since June 2022. Between January and October 2024, it formed a head and shoulders pattern on the weekly chart, breaking down of the pattern on October 21, 2024. Post-breakout, it has remained below the breakout line. According to technical analysis, if the stock gains on the breakdown momentum, it may face further decline. 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.
