Technical Analysis of ALKEM & CIEINDIA

Technical Analysis of ALKEM & CIEINDIA

Stock name: Alkem Laboratories Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock has risen since its listing. However it has formed a double top pattern on the daily chart from December 2023 to June 2024. Despite being above the neckline, it has been declining due to a bearish MACD signal. The RSI level is also very low. Technical analysis suggests that if the stock breaks below the neckline, it may see further downward movement.

 

Stock name: CIE Automotive India Ltd.

Pattern: Inverse head and shoulders pattern and retest

Time frame: Daily

Observation:

Since July 2023, the stock has shown a mix of sideways and downward movement. Recently, it formed an inverse head and shoulders pattern on the daily chart, breaking out on May 21, 2024, with high volume and a bullish MACD signal. Currently, the stock is retesting the breakout level, which has cooled the RSI to a favourable level. According to technical analysis, if the stock rebounds from this retest, it might move 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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