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!