Technical Analysis of GODFRY PHILLIPS & ASTRAL

1. Stock name: Godfrey Phillips India Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

Since December 2015, the stock has been trading sideways. However, starting from September 2022, it witnessed a sharp upward movement, breaking free from the prolonged sideways pattern. This rally continued until the end of 2022, followed by a consolidation phase, forming a flag and pole pattern on the weekly charts. By the last week of July 2023, the stock experienced a breakout from this pattern with significant trading volumes, and the following week saw a retest of this breakout level. The stock's RSI is currently around 60, indicating healthy price strength, and the MACD line recently crossed above its base line. According to technical analysis, if the stock manages to sustain the breakout, it is likely to continue its upward trajectory.

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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.

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2. Stock name: Astral Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Following the COVID-19 period, the stock experienced a significant upward rally between June 2020 and January 2022. It then underwent consolidation and traded within a sideways pattern, forming a bullish cup and handle pattern on the weekly charts. Notably, the pattern saw a breakout in the first week of August 2023, accompanied by substantial trading volumes. Additionally, the stock's RSI stands solid at 67, indicating robust price movement. According to technical analysis, if the breakout holds, the stock may move further upwards.

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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