Stock name: Aditya Birla Capital Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Between November 2017 and April 2024, the stock has formed a cup and handle pattern on its weekly chart. In April 2024, it broke out from this pattern, supported by substantial trading volume and a bullish MACD indicator. Following the breakout, the stock is trending upwards. Technical analysis suggests that if the stock sustains its current momentum, it may ascend further.
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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: Aditya Birla Fashion and Retail Ltd.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
Since October 2022, the stock has experienced a decline, followed by a period of consolidation leading to the formation of a double bottom pattern on its weekly chart. April 2024 witnessed a breakout from this pattern, backed by higher-than-average trading volume and a bullish MACD indicator. Additionally, the RSI indicator for the stock is presently at a favourable level. Based on technical analysis, if the current momentum persists, the stock may ascend 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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