Technical Analysis of CYIENT & GMDCLTD

Technical Analysis of CYIENT & GMDCLTD

Stock name: Cyient Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock has shown a strong upward trend since the post-COVID period. Between December 2023 and April 2024, it stabilized and formed a double top pattern on its daily chart. On April 29, 2024, it broke out from this pattern. Following the breakout, the stock is trending downward with a low RSI. According to technical analysis, if the breakout momentum holds, the stock may continue its downward movement.

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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: Gujarat Mineral Development Corporation Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

From November 2007 to September 2023, the stock formed a rounding bottom pattern on its monthly chart. It broke out from this pattern in September 2023, supported by strong trading volume and a bullish MACD. Following the breakout, the stock moved upward but has corrected in the past couple of months, which helped cool down the RSI from the overbought zone. According to technical analysis, if the stock rebounds from this correction, it may continue to rise.

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.

 

News for the day:

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