Technical Analysis of PVRINOX & WELSPUNLIV

Technical Analysis of PVRINOX & WELSPUNLIV

Stock name: PVR INOX Ltd.

Pattern: Double bottom pattern retest

Time frame: Daily

Observation:

Since August 2023, the stock has been declining but recently stabilized, forming a double bottom pattern on its daily chart. On June 21, 2024, the stock broke out from this pattern with significant trading volume. After the breakout, the stock moved upwards but is now retesting the breakout level. The RSI remains favourable. According to technical analysis, if the stock can rebound with strong momentum, it may continue to move upward.

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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: Welspun Living Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

From October 2021 to July 2024, the stock has formed a cup and handle pattern on its weekly chart. It is currently facing resistance at the breakout line of the pattern. However, a positive MACD signal has just been registered, and the RSI level is in the favourable zone. According to technical analysis, if the stock can break out from the pattern with strong momentum, it may move further upward.

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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