Stock name: Ratnamani Metals & Tubes Ltd.
Pattern: Inverse head and shoulders pattern
Time frame: Daily
Observation:
Since December 2023, the stock has experienced a decline, followed by stabilization and the formation of an inverse head and shoulders pattern on its daily chart. On April 29, 2024, the stock broke out from this pattern with average trading volume. Subsequently, it trended upward, accompanied by favourable RSI levels. According to technical analysis, if the current momentum persists, the stock may continue its ascent.
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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: Aarti Industries Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Between November 2022 and April 2024, the stock's weekly chart reveals the emergence of a cup and handle pattern. In early April 2024, the stock experienced a breakout from this pattern, supported by a bullish MACD indicator. Following the breakout, the stock trended upwards. Additionally, the stock's RSI level indicates a favourable position. Technical analysis suggests that if the stock sustains its breakout momentum, it may continue its upward trajectory.
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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