Stock name: ICICI Securities Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
The stock has been trending upward. It has consolidated from March to September 2024, forming a cup and handle pattern on its daily chart. A breakout occurred on 16th September 2024, followed by continued upward movement. The candlestick on 19th September also showed strong volume support. Though the stock has breached its previous ATH at around 890 levels, it is yet to register a breakout from this level with strong volume. According to technical analysis, if the stock gains on a strong momentum, it may see further gains. 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.
Stock name: Macrotech Developers Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock has seen some cooling off from its ATH since June 2024 but stabilized between July and September, forming a double bottom pattern on the daily chart. It broke out of this pattern on 20th September 2024 with strong volume and sustained the breakout level on Monday. If the breakout momentum continues, the stock may see further gains according to technical analysis. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
