Stock name: Manappuram Finance Ltd.
Pattern: Support breakdown (Parallel channel)
Time frame: Weekly
Observation:
Since December 2022, the stock has been moving upward within a parallel channel, sustaining this pattern until September 2024. However, at the beginning of October 2024, the stock broke down from this channel, which was accompanied by a sharp drop and substantial trading volume. According to technical analysis, if the current momentum persists, the stock may experience further declines. 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: Deepak Fertilisers & Petrochemicals Corp. Ltd.
Pattern: Resistance breakout and retest
Time frame: Weekly
Observation:
The stock rose until October 2022, followed by a decline through March 2024. From March 2024, it rebounded upward, breaking a key resistance level by late July. It then consolidated around its previous all-time high, retesting and rebounding from the breakout level. By late October 2024, the stock showed a strong rebound with average trading volume, surpassing its previous ATH. According to technical analysis, if it can maintain this momentum, the stock 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.
