Stock name: Indian Oil Corporation Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Experiencing a recent upward movement, the stock now exceeds its 2017 levels. The stock has seen a decline since September 2017 and has recovered now. The monthly chart shows a rounding bottom pattern, and a breakout occurred in February 2024. Though the candle of February month is not completed, the stock has seen a significant breakout along with huge trading volumes. However, the stock's RSI levels signal deep overbought conditions. As per technical analysis, the upcoming days may see a retest of the breakout, and successful rebound may lead to further upward movement.
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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: PNC Infratech Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
The stock has consistently trended upward, and between October 2021 and January 2024, it formed a cup and handle pattern on the weekly chart. January 2024 witnessed a breakout from this pattern, accompanied by above-average trading volume and a positive MACD indicator signal. Following the breakout, the stock moved upward but is currently undergoing a retest. The RSI level of the stock has cooled down due to this pullback. According to technical analysis, a successful rebound from the retest may propel the stock further upward.
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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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