shivashish876
Long

Possible Breakout of Pole and Flag pattern

NSE:MOTHERSUMI   MOTHERSON SUMI SYS
Dear friends,

The stock had a good positive rally since 186lvl (11/2016) till 390lvl (08/2018) forming the pole of the pattern.

Since reaching the high of 390lvl it has corrected and has found support on near 280lvl (Fibonacci 50%). It has broken & closed above the Fibonacci 38.20%lvl giving a confirmation of the trend continuation.
We can enter in range of 312-288lvl with SL of 275lvl. T1 - 351, T2 - 375lvl.

Comments

flag and pole are short term pattern and doesn't take so many bars to develop plus the volume pattern is not satisfying as well. but it can surely be a down channel breakout.
Reply
@shiv0110, thanks for the information.
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