Flag and pole pattern in SumiChem?
CHART -> Sumitomo Chemical WEEKLY SETUP
As seen per chart, it looks like Sumitomo Chemical is trading under a flag and pole pattern. Any side of the trendline breakout, may it be on the upper or lower, will decide the further path of the stock. For breakout it has to cut the trendline on a weekly close candle.
As per today's scenario a morning star, which is bullish reversal pattern is forming on the chart. If price sustain around 380-385 or higher than that upto this coming Friday, we may see strength in coming weeks.
Also as per today RSI has also gave a breakout, showing strength of bulls.
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.
As seen per chart, it looks like Sumitomo Chemical is trading under a flag and pole pattern. Any side of the trendline breakout, may it be on the upper or lower, will decide the further path of the stock. For breakout it has to cut the trendline on a weekly close candle.
As per today's scenario a morning star, which is bullish reversal pattern is forming on the chart. If price sustain around 380-385 or higher than that upto this coming Friday, we may see strength in coming weeks.
Also as per today RSI has also gave a breakout, showing strength of bulls.
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.
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