Union bank Bullish above 164, FLAG pattern

[v geetha]

Symbol      : Union Bank

Direction   : Long

Entry level : 164

Stop loss   :   132

Target       :   170

Flag formed during middle of May, vol is low during flag formation

[Balaji]

Dear Madam,

As per the attached price chart image, we cannot say it is a flag pattern for the following reasons:

1. The most important thing is  “A flag should not drift“. If it does, then we cannot consider it as a flag.
2. The prior trend is a down trend, which shows the domination of the sellers. Normally in flag pattern, the buyers will be dominating and will take the position of the sellers zone.

Kindly request you to check with Murugan sir.

[EQSIS]

This is a perfect Flag, But The Trade Plan need to be reviewed

The Entry supposed to be at 168 Levels – Recent Top of the Flag Formation…

The Stoploss should be at 158 – The Low of Flag (Cloth area) bottom – Not the pole bottom…

The Target should be minimum 10 Points from 1687, That is 178…

The Result – Price Failed to Trigger 178, Rather it Triggered SL… It is Unfavorable Flag Trade…

I appreciate your efforts and Healthy discussion…. Keep doing analysis…

 

[Balaji]

Dear Murugan sir,

Thanks for correcting me.

[Author]

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