Stock name: Rainbow Childrens Medicare Ltd.
Pattern: Inverse head and shoulders pattern
Time frame: Daily
Observation:
Referring to the previous blog (link for reference), the stock formed an inverse head-and-shoulders pattern on its daily chart and broke out with strong volume on September 19, 2024. After a brief retest, it rebounded on October 23 with solid momentum, leading to a rapid upward movement. This surge helped the stock hit its technical target and reach a new all-time high (ATH). 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: RBL Bank Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Since June 2022, the stock has generally trended upward. However, from July 2023 to October 2024, it formed a head-and-shoulders pattern on the daily chart and broke below the pattern in early October 2024. Following a retest, a large red candle with high volume appeared on October 21, suggesting further downward momentum. If this momentum holds, the stock may experience additional declines according to technical analysis. 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.
