This research likely involves analyzing different types of chart patterns on various types of stocks .
What is Rounding Top Pattern?
Rounded Top is the Trend Reversal Chart Pattern to catch the end of the trend and get a potential Reversal trend on the price chart.
It looks like an Inverted “U” and is also known as an ‘Inverse Saucer’ in some popular technical analysis books. It signals the end of an uptrend and the possible start of a downtrend.
Various Stocks Forming Rounding Top Patterns Are?
1. Adani Enterprises
Adani Enterprise formed a perfect “Inverted U” or a rounded top and was ready to be back in the upward trend with their upcoming FPO, But the Hidenberg Report played a spoiled sport for Adani Stocks and Adani Enterprise broke the crucial support levels to find the new bottom.
2. Adani Ports
As similar to Adani Enterprise, Adani Ports too formed a perfect “Inverted U” or a rounded top and was ready to be back in the upward trend with their upcoming FPO.
3. Asian Paints
Asain Paint is another Stock with a rounded top formation and seems ready to rocket up its price to the previous high level.
4. ICICI BANK
A fresh rounded top formation is seen in ICICIBANK.
It’s currently trading at a crucial support level. Keep an eyes on ICICI BANK.
5. SBI BANK
STATE BANK OF INDIA an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020, being the only Indian bank on the list.
It has formed a Rounded top and has broken the crucial support level, It would be interesting to see the future of the Highly Valued Banking Stock.
The round top pattern has formed on various stocks, indicating a potential bearish trend reversal in the market. Traders and investors should closely monitor these stocks and consider taking appropriate actions based on their risk appetite and investment objectives. It is important to note that the round top pattern is just one of the many technical indicators used to analyze the stock market, and should be used in conjunction with other tools and strategies. By keeping an eye on the round top pattern and other relevant market signals, traders can stay ahead of the curve and make informed investment decisions.
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