Flag pattern is common and continuation chart pattern in trading.
South Indian Bank forming Flag and pole pattern in daily TF
1. On 7th June it has formed a Bull candle before it showed exhaustion in bear candles and bears are tried to push the price down
2. Volume is key for any Breakouts and i am waiting for good breakout candle with high volume
3. 11.50 is the breakout price for south Indian Bank on daily close
4. It would be good entry after breakout SL of 9.50 aggressive buyers can buy small qty now until 10 and average after breakout done
5. 1st target 12.25 and 2nd target 15.50 to 15.75
6. RSI already above 60 and MACD about to do cross over for additional confirmation
Disclaimer: Views are for educational purpose only
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South Indian Bank forming Flag and pole pattern in daily TF
1. On 7th June it has formed a Bull candle before it showed exhaustion in bear candles and bears are tried to push the price down
2. Volume is key for any Breakouts and i am waiting for good breakout candle with high volume
3. 11.50 is the breakout price for south Indian Bank on daily close
4. It would be good entry after breakout SL of 9.50 aggressive buyers can buy small qty now until 10 and average after breakout done
5. 1st target 12.25 and 2nd target 15.50 to 15.75
6. RSI already above 60 and MACD about to do cross over for additional confirmation
Disclaimer: Views are for educational purpose only
You are welcome to post your comments