You could have made the job easier by providing the stock name. While I think I can guess the probable reasons for not doing so, and while I also consider this as a learning exercise, there is also the possibility that I could have given up, if I could not have found the stock sooner.
Is this Vmart?
If it is, it appears to me, it had created a H&S pattern from 2021 January to 2023 March and had broken the neckline of 2460 or so, which also appears as a support, and went down further and took support at 2050 or so, and went down even further to the lows of 1595, a low which was last seen in 2020 May. It was trading in a range of 2460-2050 from March to September.
CMP appears to be a a support level, or it may fall further to 1390, another support level, a level which was last seen in 2020 March. Appears to be a in downward channel too, not sure.
As the price is 65% distant from ATH, I guess it is not a bad idea to wait to see if it goes back to 2050, or this could be the bottom for the current situation, as it appears volumes have been picking up along with some movement in the price. RSI on monthly chart is the lowest ever.
I don’t follow the business, and my observations could be completely wrong, so take them for what they are worth, and no position.
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