as there is mention in flag & pole pattern
target can be consider from pole length
and according to elliote wave theory
pattern repeat itself
here we took just small time frame for it
if market doesn't fall freely
and company doesn't give any bad result
then our pattern can show result what we have calculated
DHANUKA has shown multiple chart patterns on different time frames.
Strong results posted in the last two quarters.
Monthly:
Rounding Bottom
Cup & Handle Pattern
Both these patterns are showing highest upside potential of 1550 levels.
Weekly:
Pole Flag
Pole Flag has a potential to reach 1330 levels.
Daily :
Triangle pattern
Triangle...
ABBOTINDIA is in flag consolidation range, once it give breakout. it may go up. that too it is trading near support trendline. breakout at support trend line gives further rally. if it breaks down it may fall upto 16400. upside it can go upto 19000
It looks more weak as it closed below 52W Low. it may fall further and it has already given poleflag breakout around 78 levels. hoping for oil demand growth, we can set for lesser targets. it may go upto 70. if still not able to reverse it may go upto 62 levels.
BIOCON is consolidating in 345-367 range for the last 10-12 sessions, breakout of either side given a very good momentum. put this in your watch list. Closing above 367 on daily basis gives a very good momentum towards upside. similarly downside as well 345 acting as a support, if it breaks it go upto 300.
if ABBOTINDIA opens gap up it is will rally to previous highs. if it closes below 16349 on daily chart. it will fall further. more over pole flag pattern also seen on daily chart.
VIEW ON KOTAK MAHINDRA BANK
:-THE RANGE IS NARROWING DAY BY DAY
:-CONFIRMING POLE FLAG PATTERN
:-POLE FLAG PATTERN IS A CONTINUATION PATTERN
:-I.E WE EXPECTING A BREAK ON THE UPSIDE
:-DIVERGENCE VISIBLE IN THE CHART
:-WAIT AND WATCH APPROACH
:-TRADE WILL BE TAKEN FOR SHORT-TERM,MOMENTUM AND POSITIONAL AS WELL
:-ONCE LEVELS ARE TAKEN I WILL SHARE THE UPDATE
