Stock name: UTI Asset Management Company Ltd.
Pattern: Double bottom pattern and retest
Time frame: Weekly
Observation:
Since September 2021, the stock experienced a downward trend but later stabilized, forming a double bottom pattern on its weekly chart. It broke out of this pattern in January 2024, but faced a significant retest afterward. The stock has since rebounded and is now supported by a bullish MACD signal and a favourable RSI level. According to technical analysis, if the current momentum is maintained, the stock may continue to rise.
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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: NBCC (India) Ltd.
Pattern: Rounding bottom pattern and retest
Time frame: Monthly
Observation:
From December 2017 to February 2024, the stock formed a rounding bottom on its monthly chart, breaking out in February 2024 with above-average trading volume. After the breakout, the stock experienced a major retest but has since rebounded strongly. Currently, it is moving upward with strong momentum. Technical analysis suggests that if the stock maintains this momentum, it may continue to rise further.
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.
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