Technical Analysis of HCLTECH & AVANTIFEED

Technical Analysis of HCLTECH & AVANTIFEED

Stock name: HCL Technologies Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

Since September 2022, the stock has seen significant upward movement. However, from December 2023 to April 2024, it stabilized and formed a head and shoulders pattern on its daily chart. On April 29, 2024, the stock experienced a gap-down breakout from this pattern, supported by high trading volume, and subsequently moved downward. Recently, it has been retesting the breakout level. According to technical analysis, if the stock completes the retest and resumes its downward trend, it may continue to decline.

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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: Avanti Feeds Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has been declining since November 2017, but stabilized and moved sideways from February 2022 to June 2024. During this period, it formed a cup and handle pattern on its weekly chart. At the start of June 2024, the stock broke out from this pattern, supported by high trading volume and a bullish MACD indicator. The RSI level is also favourable. According to technical analysis, if the stock maintains this breakout momentum, 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.

 

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