Witness sudden surge in Movement with a steeper pole and a horizontal consolidation . The rectangular price movement was for 6 days and then the breakout happened on the 7th day, Entry Point is Marked A(98.5). The stoploss is set as point B(94.4). Since Flags are a powerful pattern the target can be 1.5 or 2 times the risk taken, Since the pole was steeper surge on a single day, I took a call for 1:2 risk / reward ratio. The target C (106.7) was reached on the 5th day
ASHOKLEY – FLAG PATTERN – BULLISH
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Stock Analysis
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Bullish View
Bearish View
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Hi Allen, good find. But as per Eqsis advice we should not consider the single day rise as steeper pole. I too did same mistake in my first post on Flag Pattern.
Hi Mohan,
I too was a bit doubtful, but went ahead. Will take this into account in future. I appreciate your time.