NeeteshJain

ABAN OFFSHORE- FLAG PATTERN BREAKOUT (BIG BUY)

Long
BSE:ABAN   ABAN OFFSHORE LTD
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6
It is been observed that the price action is trending up, making new higher highs on weekly chart. It is also observed that price action breaks out from a rectangle shape flag pattern . (When the price action breaks out upward against the downward sloping rectangle consolidation pattern confirms a flag pattern breakout).

As per the flag pattern , the targets are marked by taking the measurement of preceding move before the flag consolidation and adding it after the breakout to achieve targets.

I shall be covering more about the flag pattern and its shape, breakout, targets, measurement in the next educational post which I shall be posting by this weekend. It will provide good understanding about the pattern.
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Comments

Hi Abhishek, Last week this was a big red candle. Will it be good to go long now?
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