Technical Analysis of JKPAPER & BALKRISIND

Technical Analysis of JKPAPER & BALKRISIND

Stock name: JK Paper Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock has been declining since January 2024. Between March and June 2024, it formed a double bottom pattern on its daily chart. The stock has observed a breakout on June 7, 2024, with above-average trading volume and a positive MACD indicator. Since the breakout, the stock has been moving upward. According to technical analysis, if the stock maintains its current 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: Balkrishna Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock's overall trend has remained positive. From September 2021 to May 2024, it formed a cup and handle pattern on its weekly chart, breaking out in May 2024 with significant trading volume. Following the breakout, the stock experienced a strong upward movement. However, the RSI is currently in the deep overbought zone. According to technical analysis, 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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