Stock name:  Universal Cables

Pattern: Rounding bottom breakout

Time frame: Monthly

Observation:

The stock has broken out of a rounding bottom pattern.

Once the stock breaks out of such a pattern, the stock travels a distance equal to the difference between the neckline and the bottom of the rounding bottom pattern. Since this is a monthly time frame, it is usually perceived that these positions can take many weeks / many months of time to move.

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Disclaimer:  This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before taking any financial decision.

News for the day:

1) India 5-year bond yield falls 13bps to 7.02% after RBI pause

2) The Shapoorji Pallonji Group is in talks to raise $1.75 billion by pledging the remaining half of its stake in the unlisted holding company of the Tata Group, said people with knowledge of the matter. The SP Group is looking to repay part of its debt obligations and infuse cash into its operating companies, they said.

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