Stock name: H.E.G. Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock displayed an upward trend from April 2023, followed by a stabilization period and the formation of a double top pattern from December 2023 to February 2024. The breakout from the double top pattern on February 13, 2024, was accompanied by average trading volume and a bearish MACD signal. Despite a retest of levels, the stock experienced a subsequent downward movement. Currently the RSI of the stock is also at an unfavourable level. According to technical analysis, if the current momentum persists, the stock may continue its downward trajectory.
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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: Kansai Nerolac Paints Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
Experiencing an upward trend since April 2023, the stock underwent a stabilization phase and formed a double top pattern from June 2023 to February 2024 on the weekly chart. A breakout occurred in February 2024, supported by average trading volume. Subsequently, the stock shifted in a downward direction, and as per technical analysis, it may sustain this downward trajectory if the current momentum persists.
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:
- IndiGo has unveiled expansion plans with six new domestic routes starting March 31, 2024, including direct flights like Ahmedabad-Rajkot and Kolkata-Srinagar. The move aims to meet increasing travel demand, positioning the airline strategically in the competitive aviation market.
- Reliance Industries has entered into a strategic partnership with Sri Lanka-based Elephant House, a prominent beverage maker. The collaboration aims to expand Reliance's footprint in the fast-moving consumer goods (FMCG) sector, marking a significant move in strengthening its presence in the international market.
- Tata Group is set to unveil a semiconductor manufacturing unit soon. N. Chandrasekaran, the Chairman of Tata Sons, confirmed the impending announcement, signalling Tata's entry into the electronics and semiconductor industry.
