Stock name: Sanofi India Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The overall trend of the stock has remained in an upward direction. However recently the stock seen some consolidation and formed a double top pattern on its daily chart. On May 09, 2024, the stock registered a breakout from this pattern, supported by heightened trading volume and a bearish MACD indicator. Subsequent to the breakout, the stock has commenced a downward trajectory, accompanied by diminished levels of RSI. Technical analysis suggests that should the current momentum persist, further downward movement in the stock's price may ensue.
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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: Vijaya Diagnostic Centre Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Since its listing in 2021, the stock has developed a cup and handle pattern evident on its weekly chart. The stock has seen a breakout occurring in April 2024. This breakout coincided with a bullish MACD indicator and a substantial upward candle formation in May 2024. Presently, the stock's RSI levels are notably elevated. According to technical analysis, should the stock sustain its current momentum, it may see further upward movement.
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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