Nice and Clean Flag and Pole pattern Spotted in ICE MAKE REFRIGERATOR LTD.
At first I didn't thought that this pattern will gonna work but when i put weekly Time frame then i saw a Major Resistance From December 2020 which was about to be broken if this pattern work Nicely.
As you can see market was in Almost sideways for almost 18 Months and since then it...
REASONS FOR ENTERTING TRADE
1. A pole flag structure with the base of the flag bouncing off the 200EMA.
2.This 200EMA bounce point coincides with the long-term support trendline,
3. & the 61.8% retracement of the pole.
3. Price sustains above the flag range after retest
Buying above 65 for a projected price target which is set as the pole height, from the...
This stock is making carious breakout pattern continuosly. people are trying to push this stock up very safely now currently its forming pole and flag as you can see buy at cmp target 2600 plus holding period 2-3 weeks
The stock has broken out of the pennant formation with great volumes.
One can go long for target of the pole's height "d" as given in chart.
SL can be at the new trend line support of pennant or the low of previous breakout candle.
Still stay cautious as may dip a little due to doji formation or may go up. (doji indicates indecisiveness).