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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: Macrotech Developers Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Listed on the NSE on April 19, 2021, the stock experienced a swift upward movement until December 2021. Subsequently, between December 2021 and September 2023, it exhibited a sideways pattern, giving rise to a bullish cup and handle formation on its weekly charts. A significant breakout from this pattern emerged in the initial week of September 2023, marked by robust trading volumes. According to technical analysis, if the stock sustain this momentum, it may see 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.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
Since July 2017, the stock has been on a consistent downward trajectory. However, around October 2021, it briefly stabilized before displaying a bullish double bottom pattern on its weekly chart. Notably, during the first week of September 2023, a breakout candle with substantial trading volumes can be observed. According to technical analysis, if the stock maintains this momentum, it may move further in an upward trajectory.
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.
News for the day:
1) Reliance Industries and Nvidia are collaborating to develop a specialized large language model for India, catering to its diverse languages and generative AI needs. This partnership aims to advance AI capabilities in the country.
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