What is 'Flag' Pattern?
A flag chart pattern is formed when the market consolidates in a narrow range after a sharp move. Usually a breakout from the flag is in the form of continuation of the prior trend. Flags give very high risk reward ratio which means relatively small risk and high and quick profits.
The flag pattern could be bullish or bearish pattern....
Nestle India is currently in a triangle pattern at it is respecting it perfectly on hourly chart.
It is at it's peak level of its pattern. So, it has a very high probability of going downwards.
Entry - current level
Stoploss- 17600
Target - 16480