Technical Analysis of BLUEDART & KAJARIACER

Technical Analysis of BLUEDART & KAJARIACER

Stock name: Blue Dart Express Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Weekly

Observation:

Since August 2020, the stock experienced a remarkable upward trend, but it has consolidated and formed a head and shoulders pattern on its weekly chart. March 2024 witnessed a breakout from this pattern, followed swiftly by a substantial retest of the breakout closing above the neckline. Presently, the stock has concluded its retest and is once again trending downward. Additionally, the stock's RSI levels indicate significant weakness but the stock is still above the breakout line. According to technical analysis, if this downward momentum persists, further declines may be expected.

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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: Kajaria Ceramics Ltd.

Pattern: Double top pattern and retest

Time frame: Weekly

Observation:

Since May 2020, the stock has been on an upward trajectory. Between July 2023 and March 2024, it underwent consolidation, forming a double top pattern on its weekly chart. March 2024 saw a breakout from this pattern, followed by an immediate retest leading to stock closing above the breakout line. Currently, the stock has completed its retest and resumed its downward trend. Moreover, its RSI levels suggest notable weakness. As per technical analysis, if the stock continues with the current momentum it may see further decline.

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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