Stock name: Yes Bank Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
Between December 2022 and February 2024, the stock displayed a cup and handle pattern on its daily chart. On February 7, 2024, the stock experienced a breakout from this pattern, accompanied by substantial trading volume and a positive MACD indicator signal. Following the breakout, the stock trended upward, but it is currently undergoing a significant retest and has closed below the breakout level. Both the RSI and MACD indicators are in the bearish zone, suggesting a potential downturn. According to technical analysis, a substantial rebound and positive momentum are crucial for the stock to move upward.
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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: Infibeam Avenues Ltd.
Pattern: Double bottom pattern and retest
Time frame: Weekly
Observation:
Experiencing a significant decline since September 2018, the stock recently formed a double bottom pattern on its weekly chart. It has registered a breakout out in January 2024 with average trading volume support. Subsequent to the breakout, the stock trended upward, but it is presently undergoing a retest. The stock's RSI is in the overbought zone, suggesting a potential correction. According to technical analysis, a successful rebound from the retest may propel the stock further upward.
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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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