Stock name: Timken India Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Starting in March 2024, the stock experienced rapid upward movement. Between May and August 2024, it formed a head and shoulders pattern on the daily chart, breaking down from this pattern in mid-August but encountering strong support that led to sideways movement. Toward the end of October 2024, the stock breached this support level and it is now moving downward with high trading volume. According to technical analysis, if this momentum persists, further declines may follow. 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: ABB India Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since COVID, the stock has been trending upward. However it has formed a double top pattern between May and November 2024 on its daily chart. On November 5, 2024, the stock broke down from this pattern, shifting into a downward trend. This breakdown was also supported by good trading volume. If this breakdown momentum persists, technical analysis suggests 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.
