Stock name: ITC Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since March 2024, the stock has been trending upward. However, from July to November, it formed a head-and-shoulders pattern on the daily chart, breaking down from the pattern on November 14, 2024. This triggered further declines, marked by a red candle with high trading volume on November 21. Technical analysis suggests that if the current momentum continues, the stock may experience further downside. 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: CRISIL Ltd.
Pattern: Resistance breakout
Time frame: Daily
Observation:
The stock reached its previous high around March 2024 before cooling off and moving downward. Toward the end of October 2024, it successfully broke out above resistance after multiple unsuccessful attempts. Post-breakout, the stock showed slight upward movement, followed by a retest of the breakout level. On November 21, it formed a strong green candle with significant trading volume. According to technical analysis, if the rebound momentum sustains, the stock may see further upward movement. 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.
