praveen.bhatiya

Marksans Pharma Pennant Breakout or Trap?

Long
NSE:MARKSANS   MARKSANS PHARMA LTD
I like to trade Flag( Pennant ) pattern simply because it is relative smaller pattern so the holding period is less and risk to reward is mostly good. I've detected another pattern which looks promising as formed correctly fulfilling all the criteria. My only concern is its closing at the lower side forming a wick on double top zone. Is it an opportunity to enter cheap or a trap of a Supply Zone? Still I would take chance as small stop loss is affordable to me.

I would like to hear your views in this situation, please provide your valuable comments. Thanks!

Comments

I would say wait for further conformation since there is a clear price rejection looking at the last candle ... Price reject at double top -- so avoid it, we have better trade elsewhere .. Marksan is not the only one.. when in doubt, just avoid or wait for further confirmation.
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praveen.bhatiya mateenattar
@mateenattar, Thanks for your mature advise I sincerely appreciate it.
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