Stock name: Swan Energy Ltd.
Pattern: Resistance and reversal
Time frame: Weekly
Observation:
The stock maintained an upward trend, reaching its previous all-time high (ATH) in February 2024. It then consolidated, moving sideways within a parallel channel on the weekly chart. In November 2024, the stock experienced a strong upward move, breaking out to a new ATH at the channel's resistance level. However, it quickly reversed from this resistance and began a downward move. Based on technical analysis, the stock may continue to decline further. 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: Poonawalla Fincorp Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Weekly
Observation:
Since the COVID period, the stock has been on an upward trend. However, between July 2023 and October 2024, it formed a head-and-shoulders pattern on the weekly chart. In October 2024, the stock broke down from this pattern but quickly retested the breakdown level on the next candle. Following the retest, the stock resumed its downward move and is now trading below the breakdown level. As per technical analysis the stock may see further decline if the current momentum persists. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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.
