Stock name: Sterling and Wilson Renewable Energy Ltd.
Pattern: Island reversal pattern (Bearish)
Time frame: Daily
Observation:
Since October 2023, the stock has been trending upwards. The stock has experienced a significant gap up after January 19, 2024. However, in March 2024, it underwent a gap down, returning to the January 19 level, resulting in an island reversal pattern on the daily chart. The island reversal pattern is a reversal pattern as its name suggests. With the RSI currently low, technical analysis suggests the stock might continue its downward trajectory if the present momentum persists.
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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: Craftsman Automation Ltd.
Pattern: Head and shoulder pattern
Time frame: Daily
Observation:
Since its listing, the stock has consistently trended upwards. Between August 2023 and March 2024, it consolidated, forming a head and shoulders pattern on the daily chart. On March 13, 2024, the stock broke out from this pattern, backed by significant trading volume and a bearish MACD indicator. Presently, the stock is undergoing a retest of the breakout level. Given the low RSI, as per technical analysis completing this retest may signal further downward movement.
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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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