JK Tyre and Industries Limited| Cup and Handle Breakout | Latest stock market news(3 minutes read)

Stock name:  JK Tyre and Industries Limited

Pattern: Cup and Handle Breakout

Time frame: Daily

Observation: On a Daily time frame, a cup and handle breakout formation can be seen on the charts. The stock surged more than 12% in the last 3 trading sessions. The stock has given a breakout with good volumes and is trading above its resistance line. If the stock sustains above the resistance, then we may expect a further up move in the stock.

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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:

1) The Organization of the Petroleum Exporting Countries (OPEC) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (BPD) from October onwards, at a meeting on Monday

2) A space consortium formed by Hindustan Aeronautics (HAL) and Larsen & Toubro (L&T) was awarded an Rs 860-crore contract for the next five Polar Satellite Launch Vehicles (PSLVs), pointing to the healthy growth and consolidation of the domestic space and satellite launch industry.

3) Reliance Industries has signed agreements to acquire a majority stake of 79.4% in SenseHawk, a US-based service provider for the solar energy generation industry. The deal value is worth USD 32 million, including funding for future growth, commercial rollout of products, and research and development (R&D)