Technical Analysis of DABUR & IEX

Stock name: Dabur India Ltd.

Pattern: Falling wedge pattern and retest

Time frame: Weekly

Observation:

After reaching its all-time high, the stock began a downward trend. Between September 2021 and June 2024, it formed a falling wedge pattern on the weekly chart. It broke out of this pattern in early June 2024 with significant trading volume. Although currently facing a slight retest, the stock maintains a healthy RSI. Technical analysis indicates that if it sustains its momentum, it may continue to rise.

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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: Indian Energy Exchange Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

The stock has been declining since December 2021. From May 2023 to June 2024, the stock stabilised and formed a double bottom pattern on its weekly chart. The stock has registered a breakout from this pattern in the month of June 2024. This breakout was supported by significant trading volume. Following this breakout, the stock continues to rise, along with a favourable RSI level. Technical analysis suggests that if the stock maintains its momentum, it might see further upward movement.

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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