Jindal Stainless has given a Flag and Pole Breakout with good volumes. The pattern is visible on the weekly chart and one may also call it a breakout from the falling channel .Either ways the stock is looking good for an upmove of around 25% in the short term. The stock was in the channel since July'24.
The "flag and pole pattern" in technical analysis is a chart pattern that signals a potential continuation of an existing trend. It's characterized by a sharp, initial price movement (the "pole") followed by a period of consolidation (the "flag") within a defined range. A breakout from this range, in the same direction as the initial pole, suggests a likely continuation of the original trend
Stock is trading above its 11 & 22 day EMA. RSI is at 69, signalling positive momentum.
CMP- Rs. 695
Target Price- Rs 885( 25% upside)
SL - 635
Disclaimer: This is not a buy/sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
The "flag and pole pattern" in technical analysis is a chart pattern that signals a potential continuation of an existing trend. It's characterized by a sharp, initial price movement (the "pole") followed by a period of consolidation (the "flag") within a defined range. A breakout from this range, in the same direction as the initial pole, suggests a likely continuation of the original trend
Stock is trading above its 11 & 22 day EMA. RSI is at 69, signalling positive momentum.
CMP- Rs. 695
Target Price- Rs 885( 25% upside)
SL - 635
Disclaimer: This is not a buy/sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.