Stock name: Syrma SGS Technology Ltd.
Pattern: Resistance breakout
Time frame: Daily
Observation:
In our earlier blog on November 7, 2024 (link for reference), we highlighted the stock's breakout from the resistance line in late October 2024. Since then, the stock has sustained its momentum, showing a strong upward trajectory. Presently, it remains below its previous all-time high (ATH) but faces minimal resistance, as indicated by the chart pattern.
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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: Sona BLW Precision Forgings Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock has been in an uptrend since April 2023. Between June and December 2024, it formed a double-top pattern on the daily chart and broke down from the pattern on December 17, 2024, supported by significant trading volume. This was followed by a red candle with strong volume, signalling potential bearish pressure. If the breakout momentum persists, technical analysis suggests the stock may 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.
