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As can be seen from the RSI (green line) the stock rebounces once it approaches 54-55 RSI. Also one can see the sale volume has reduced drastically and the price is approaching a support zone.
Theoretically, FLag and Pennant patterns are short term patterns that take about 3-4 weeks for completion by which point consolidation ends and the prior trend picks up pace. But in this chart the consolidation had been taking place for 9-10 weeks. And finally the much anticipated breakout has occurred and the scrip is giving the classic flag style move ! But...
Steel Exchange India Ltd. is engaged in the manufacturing and sale of iron and steel products and generation and sale of power. The company was founded in February 24, 1999 and is headquartered in Visakhapatnam, India.