Observed a bullish flag pattern emerging in Indusind company chart. during the year 2017 January. Conditions checked to confirm bullish flag pattern:
1) Observed a steep pole in the chart,
2) The steep pole is followed by horizontal movement which persisted for one week.
3) The volume has been checked during the flag pattern, and is found to be high during breakout.
4) Break-out as expected arose on the same side.
Also the flag pattern is usually witnessed in the change of trend which in this case proved to be true, as the movement is observed after a fall. Therefore long position can be undertaken after the breakout.