Stock name: KPIT Technologies Ltd.
Pattern: Flag and pole pattern
Time frame: Weekly
Observation:
The stock exhibited an overall upward trajectory. From September to November 2023, it has experienced a rapid ascent. Following this, there was a consolidation phase until January 2024, resulting in the formation of a flag and pole pattern on the weekly chart. Towards the end of January 2024, the stock successfully broke out of this pattern, supported by significant trading volume and a positive MACD indicator signal. According to technical analysis, sustaining this breakout momentum may propel the stock 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: Suven Pharmaceuticals Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Initiating an upward trajectory from October 2022, the stock exhibited stability between November 2023 and January 2024, forming a head and shoulders pattern on its daily chart. A breakout occurred on February 1, 2024, supported by moderate trading volume. Despite a subsequent descent post-breakout, the stock is presently undergoing a retest. Technical analysis suggests that if the stock regains momentum for regression, it could continue its downward 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.
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