ZEEL | Inverted Head and Shoulder breakout | Latest stock market news

(3 minutes read)

Stock name: ZEEL

Pattern: Inverted Head and Shoulder breakout

Time frame: Daily

Observation: The stock has created an inverted head and shoulder pattern and the price has broken out of the same. Whenever such a pattern forms and the price breaks out, the price travels the distance equal to the distance between neckline and the bottom of the head, the distance being taken from the neckline.

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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) The Cabinet Committee on Economic Affairs has approved the proposal for amendment of policy of exemption for Wheat or Meslin Flour. The approval will now allow putting a restriction on the export of Wheat “Flour” which will ensure a curb on rising prices of wheat flour and ensure food security of the most vulnerable sections of the society. The decision was taken to put a prohibition on export of Wheat in May 2022.

2) Strides Pharma: Company says its enterprise titled “First African” has manufactured medicine to prevent malaria in pregnant women and infants - Approved by WHO

3) Syrma SGS Technology made a strong debut on Dalal Street as the engineering and design company got listed at Rs. 262, a premium of 19% over its issue price of Rs. 220 on BSE.