Technical Analysis of NSLNISP & NSLNISP

Stock name: NMDC Steel Ltd.

Pattern: Double top pattern and retest

Time frame: Weekly

Observation:

The stock has been on an upward trend since its 2023 listing, but from January to August 2024, it consolidated and formed a double top pattern on the weekly chart. In August 2024, the stock broke out from this pattern, but the low trading volume raises doubts about the breakout's strength. The stock is currently moving above the breakout line. Therefore, additional confirmation is needed for both the breakout and potential downward movement. If the stock gains downward momentum, further decline may follow according to technical analysis.

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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: Hindustan Petroleum Corporation Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

Since October 2023, the stock has experienced rapid upward movement. From February to August 2024, it stabilized and formed a cup and handle pattern on the daily chart. On August 21, 2024, the stock broke out from this pattern with slightly above-average trading volume, supported by a bullish MACD indicator. However, the stock is currently facing a retest with a very high RSI level, suggesting the need for further confirmation to assess the breakout's momentum. If the stock continues in the breakout direction, stock may rise according to technical analysis.

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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.

 

News for the day:

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