Stock name: Ratnamani Metals & Tubes Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock experienced a strong upward movement starting in March 2024. However, between June and November 2024, it formed a head and shoulders pattern on the daily chart, followed by a significant breakdown in late November 2024. This was further confirmed by continued red candles with high volumes on December 4 and December 12, 2024. According to technical analysis, if the stock sustains the breakdown momentum, it may see further downside. 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: IRCON International Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock reached its all-time high (ATH) on July 15, 2024, before cooling off. From October 2024 to December 2024, it formed a double bottom pattern on the daily chart, breaking out of the pattern on December 6, 2024. This breakout was confirmed by a significant green candle with strong volumes on December 11, 2024. Currently the stock is holding the breakout level. According to technical analysis, the stock may rise further if it sustains its momentum. 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.
