Stock name: Divis labs
Pattern: Trendline breakout
Time frame: Weekly
The stock has been in a downtrend since October 2021 with the consolidation / correction happening in the overall markets and is down ~50% since then.
However, recently the stock started to show signs of reversal and has broken a very important downward sloping trendline and is also showing follow up move, which is a bullish sign.
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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) Ambika Cotton declared dividend of 35 Rs. per share
2) Decision to withdraw Rs. 2,000 notes not demonetisation, but ‘currency management exercise’: RBI to Delhi HC
3) Looking to invest about Rs. 2000 crores over next three to four years: Kavinder Singh, Mahindra Holidays
3) Alkali Metals, Auro Pharma, Bajaj Steel, Balkrishna Industries, Barbeque Nation, Cupid, Galaxy Bearings, Global Health, Godfrey, IFB Industries, JK Cement, Krsnaa, Lumax, Power Finance and Shalimar Paints are amongst the companies which will post their quarterly results tomorrow.