Stock name: Tata Consumer Products Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock has been trending upward since April 2023. However, between December 2023 and October 2024, it formed a double top on its daily chart, breaking down from this pattern on October 21, 2024, with high trading volume. Since then, the stock has continued its downward trend, and technical analysis suggests that if this momentum persists, the stock may see further decline. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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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: Godrej Consumer Products Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock has been in an upward trend since February 2022 but formed a head and shoulders pattern from May to November 2024 on its daily chart. A breakdown occurred around November 7, 2024, followed by a large red candle with strong volume on November 12. Technical analysis suggests that if the current momentum persists, further decline may follow. 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.
