This is best example for Flag and pole breakout in a daily chart frame in Ujjivan fin Ser.
157-163 was a major resistance, stock consolidated in that range and on 26-07-2022 we saw a breakout candle with good volume, which confirmed flag and pole breakout.
Stock has a potential to reach 192 range.
164 should be the first support and 155 will the next important...
1) Exactness of this 145 level is very attractive very few times we see some exact level.
2) Earlier it was support now it is resistance
3) recently we have seen a channel pattern breakout
4) in very short term the trend is positive
Note Look for buying opportunity only after breakout
On the Daily chart, the Share holds a major support level near 130 and breaks the resistance with a high-volume candle. After more than 3 months of Staying between range and breaking it on Friday with ever seen such a volume candle. If he holds it and momentum continues as per the chart then it going to test again at 196 levels in the near future.
Ujjivan is consolidating around the major resistance level of 167
Also the overall pattern in short term is looking like a flag pattern
After consolidation breakout and the resistance breakout we ca see a sharp upside rally.
UJJIVAN has touched its Mar'20 Covid low of 125 and has bounced off the 125 support with heavy volume. We also see bullish divergence in RSI. An ideal candidate for bottom fishing! Buy here for maximum profit potential.
Less risky players can wait for higher low on the Daily chart before initiating long trades.
Ujjivan Small Finance Bank
CMP - 31.9
Stop - 25 on DCB
T1 - 45
T2 - Open, Review at 45
Expected Holding Period - 80 trading days or earlier for T1
Ideas being shared only for educational purpose
Please do your own research or consult your financial advisor before investing