Technical Analysis of GSPL & PIDILITIND

Technical Analysis of GSPL & PIDILITIND

Stock name: Gujarat State Petronet Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock has been rising since June 2022 but recently stabilized, forming a double top pattern on its daily chart. On April 22, 2024, it experienced a significant gap down opening, breaking out from the pattern with high trading volume and a bearish MACD. Since the breakout, the stock has continued to decline below the breakout line at a slower pace, with its RSI at very low levels. Technical analysis indicates that if this trend persists, the stock may continue to move downward.

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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: Pidilite Industries Ltd.

Pattern: Symmetrical triangle pattern and retest

Time frame: Weekly

Observation:

Since 2022, the stock has been trading sideways, forming a symmetrical triangle pattern on its weekly chart from January 2022 to March 2024. In March 2024, the stock broke out of this pattern with above-average trading volume. Following the breakout, a retest helped cool off the overbought RSI, and the stock successfully rebounded. Technical analysis suggests that if the stock maintains its current momentum, it may continue to rise 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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