Flag pattern is common and continuation chart pattern in trading.
South Indian Bank forming Flag and pole pattern in daily TF
1. On 7th June it has formed a Bull candle before it showed exhaustion in bear candles and bears are tried to push the price down
2. Volume is key for any Breakouts and i am waiting for good breakout candle with high volume
3. 11.50 is...
After a 2 year long downtrend, South India Bank has finally given a triangle pattern breakout in Daily charts with a huge volume outburst.
Target price: 13.5/15/18.5 in short term
Aim for 27-35 in Medium to long term
Stop Loss- 9.65
NSE:SOUTHBANK is showing similar patterns like other PSU banks. I have posted Central Bank of India's chart as well and I see huge potential to the Upside in both of them as per the Charts are concerned.
Fundamentals of South Indian Bank are better than Central Bank though.