Stock name: National Aluminium Co. Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Over the prolonged period spanning from May 2008 to January 2024, the stock exhibited a rounding bottom pattern on its monthly chart. In January 2024, it exceeded its levels from May 2008, signalling a breakout from the rounding bottom with notable trading volume. Subsequent to the breakout, the stock is presently following an upward path. Technical analysis suggests that maintaining the breakout level may lead to a sustained upward trend in the stock.
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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: Indiabulls Housing Finance Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Since 2018, the stock has experienced a downward trend. Between February 2022 and November 2023, a cup and handle pattern emerged on its weekly chart. Towards the close of November 2023, the stock successfully broke out of this pattern. Initially, it ascended, but it is presently undergoing a retest of the breakout level. Following this retest, the stock's RSI levels are currently at favourable levels. Technical analysis suggests that a successful rebound from the retest may propel the stock in an upward direction.
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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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