1. Stock name: Bharat Heavy Electricals Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since 2007, the stock has experienced a continuous decline. Over the period from January 2015 to January 2024, a rounding bottom pattern has emerged on the monthly chart. The stock successfully broke out of this pattern in January 2024, accompanied by higher-than-average trading volume. According to technical analysis, if the stock is able to sustain the current momentum it may see further upward movement.

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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.

2. Stock name: Gujarat Gas Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

The stock has seen decline since August 2021. It has formed a double bottom pattern on its weekly chart between June 2022 and January 2024. January 2024 witnessed a breakout from this pattern, backed by higher-than-average trading volume. Subsequent to the breakout, the stock is on an upward trajectory. Technical analysis suggests that maintaining the current momentum may potentially lead to further upward movement.

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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