Stock name: Suzlon Energy Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
The stock has risen significantly since May 2023. During the period from February 2024 to June 2024 the stock has formed a cup and handle pattern on its daily chart. It is now close to breaking out of this pattern. Currently, the MACD indicator shows a bullish signal, and the RSI levels of the stock are in favourable zone. Technical analysis suggests that if the stock breaks out and gains momentum, it may continue to rise.
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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: Navin Fluorine International Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock declined from May 2023, stabilizing and forming a double bottom pattern between January and June 2024. It broke out from this pattern on June 11, 2024, with above-average trading volume and a bullish MACD indicator. Since the breakout, the stock has moved upward. Currently, the RSI is in the overbought zone, suggesting a potential retest. As per technical analysis, if the stock maintains its current momentum, it may continue to rise.
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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