Stock name: Sonata Software Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Following the COVID-19 pandemic, the stock displayed a notable uptrend. The stock consolidated and formed a head and shoulders pattern on its daily chart from December 2023 to April 2024. On April 15, 2024, the stock broke out of this pattern, backed by a bearish MACD indicator. The RSI of the stock are also currently at a low level indicating a bearish sentiment. Technical analysis suggests that if this downward trajectory continues, the stock may further decline.
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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: Nippon Life India Asset Management Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Between October 2021 and April 2024, the stock underwent a cup and handle formation on its weekly chart, culminating in a breakout at the start of April 2024. The breakout was supported by significant trading volume. Presently, the stock exhibits bullish signals on the MACD indicator. According to technical analysis, sustaining this breakout momentum may move the stock further in the upward direction.
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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.
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