Stock name: Jindal Stainless Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock reached its all-time high in July 2024 before entering a cooling-off phase with a downward movement. Between October and December 2024, it formed a double bottom pattern on the daily chart, breaking out of the pattern on December 4. Since then, the stock has been moving upward, though trading volume remains low. According to technical analysis, if the stock gains momentum and increases in volume, it may experience a rapid upward movement. 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.
Stock name: Triveni Engineering & Industries Ltd.
Pattern: Resistance breakout
Time frame: Daily
Observation:
The stock hit its all-time high in mid-September 2024 before cooling off and forming a head and shoulders pattern on its daily chart. It broke out downward from the pattern, with the breakout level acting as resistance. Later on, the stock has rebounded on November 22 breaking the downward momentum. The stock broke above this resistance on December 5 with strong momentum and high volume, maintaining the level since. On December 10, it saw further upward movement with significant volume, suggesting that continued momentum may lead to more 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.
