Stock name: ITC Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
Following the market's rebound post-COVID, the stock has ascended. Between May 2023 and February 2024, it consolidated, forming a double top pattern on its weekly chart. February 2024 witnessed a breakout from this pattern, supported by significant trading volume and a bearish signal on the MACD indicator. Post breakout the stock has moved in the downward direction. Currently, it's undergoing a retest of the breakout level, with its RSI indicating a low level. Technical analysis suggests that if the retest concludes successfully and gains a downward momentum it may move further downwards.
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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: Glaxosmithkline Pharmaceuticals Ltd.
Pattern: Head and shoulders pattern and restest
Time frame: Daily
Observation:
Since December 2023, the stock has surged significantly before stabilizing, forming a head and shoulder pattern on its daily chart. On March 06, 2024, it broke out from this pattern with substantial trading volume, subsequently moving downwards. Currently, it's undergoing a retest of the breakout, with its RSI still indicating low levels. Technical analysis suggests that if the retest is successful and downward momentum ensues, further decline may be expected.
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.
News for the day:
- PFC has disbursed a record interim dividend of ₹2,033 crore to the Indian government for the fiscal year 2023-24. This dividend, distributed in three instalments, marks the highest-ever interim dividend payment by PFC. The payments, totalling ₹3,630 crore, were confirmed by PTI, with the final instalment handed over to RK Singh, Minister of Power and New & Renewable Energy.
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