Fiem Industries | Rounding bottom pattern | Latest stock market news

(3 minutes read)

Stock name: Fiem Industries

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation: We are looking at the monthly chart of Fiem Industries. The stock has formed a rounding bottom pattern and has tested the neckline now. If we have a look at the volumes, they are also good. Once the stock closes above the neckline in the weekly time frame, the bullish momentum can catch up.


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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) Copper prices slipped today to near a 19-month low, weighed down by a robust USD and on heightened fears of a global recession and renewed lockdowns in top consumer China that could slash demand for metals.


2) A closely watched part of the U.S. Treasury yield curve inverted again on Tuesday, as investors continue to price in the chance that the Federal Reserve's aggressive move to bring down inflation will push the economy into recession. Yields on two-year Treasuries briefly rose above those of 10-year Treasuries for the third time this year, a phenomenon known as a yield curve inversion that has in the past preceded U.S. recessions.

3) Bajaj finance is up by 3.5% after the company reported unaudited Q1 FY 23 numbers. The YoY growth in core AUM stands at 31% whereas the deposits posted a 22% YoY growth. The company recorded highest ever quarterly increase in its customer franchise of 2.7 million in Q1 FY23.