Stock name: MphasiS Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
Since March 2023, the stock has steadily risen, stabilizing between December 2023 and March 2024, displaying a double top pattern on its daily chart. March 2023 saw a breakout from this pattern, accompanied by above-average trading volume. Following the breakout, the stock retested its breakout level once before resuming a downward trajectory. Presently, the stock's RSI levels are notably low. As per technical analysis, if current momentum persists the stock 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: Indian Railway Catering And Tourism Corporation Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
From October 2021 to April 2024, the stock formed a cup and handle pattern on its weekly chart, with a breakout occurring in the second week of April 2024. The breakout was accompanied by average trading volume and a bullish MACD indicator. Subsequently, the stock has faced heavy retest of the breakout and it is presently trading below the breakout level. The RSI has cooled off due to the retest, reaching a favourable level. According to technical analysis, a rebound from the retest might prompt an upward movement in the stock.
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.
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