Stock name: Ratnamani Metals & Tubes Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
In continuation of our blog from December 17, 2024 (link for reference), the stock has formed a head and shoulders pattern on its daily chart. By late November 2024, it registered a breakdown from this pattern, signalling bearish momentum. Following the breakdown, the stock sustained its downward trajectory, which was further validated by several red candles accompanied by high volumes, reinforcing the bearish sentiment.
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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 Power Ltd.
Pattern: Support and reversal
Time frame: Daily
Observation:
The stock hit a previous high in August 2022, forming a resistance line at this level. In November 2023, it broke above this resistance, which then acted as support, driving an upward move until June 2024 when it registered a new all-time high (ATH). After a decline, the stock returned to this support level in November 2024 and rebounded. On January 14, 2025, it showed a similar rebound with strong volume. If the stock sustains its rebound momentum, technical analysis suggests that the stock may see further gains. 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.
