Stock name: Nestle India Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since March 2023, the stock has been on an upward rally but formed a double top pattern between October 2023 and October 2024. A breakdown occurred around October 20, 2024, accompanied by strong trading volume. Following the breakdown, the stock has continued its downward movement, again with significant volume. According to technical analysis, this momentum suggests further declines may follow. 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: Adani Wilmar Ltd.
Pattern: Support and reversal (Parallel channel)
Time frame: Daily
Observation:
The stock consolidated within a parallel channel from December 2023 to October 2024 and is now at the support level, showing a reversal on October 23, 2024. It gained further momentum on October 24, 2024, with strong volume. If this momentum continues, technical analysis indicates that the stock may see further upward movement ahead. 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.
