Stock name: Vardhman Textiles Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since June 2022, the stock has been on an upward trend. In July 2024, a double top pattern formed on its daily chart. Today, the stock sharply declined and is now below the breakout line. The stock recently showed a bearish MACD indicator, and its RSI fell below 50. According to technical analysis, if the stock closes below the breakout line, it could signal a breakout from the pattern, and it may lead to further 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: IRB Infrastructure Developers Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock has been on a long-term upward trend but recently stabilized, forming a head and shoulders pattern from April to July 2024. On August 1, 2024, it broke out from this pattern. Currently, the stock is moving downward with low RSI levels. Technical analysis suggests that if this momentum continues, the stock may fall further.
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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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