Stock name: NHPC Ltd.
Pattern: Support and reversal
Time frame: Daily
Observation:
Post the COVID period, the stock has been on an upward trajectory. By late January 2024, a surge in trading volume established a strong support line, which the stock has repeatedly held since February 2024. Following a market-wide decline, the stock reached this support line towards the end of October 2024 and consolidated above it. The stock has rebounded on 19 November 2024. This was further supported by green candles on 25 November and 06 December with good trading volumes. As per technical analysis, it may move further upward if momentum continues. 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.
Stock name: Lemon Tree Hotels Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock reached its all-time high (ATH) on May 6, 2024, before cooling off and moving in the downward direction. Between August and December 2024, it formed a double bottom pattern on the daily chart. A breakout from the pattern occurred on December 6, 2024, followed by a significant green candle with high trading volume on December 9, 2024. According to technical analysis, sustained momentum may lead to further upside movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
