Flag Pattern is one of the most popular chart patterns, formed by price action, which is contained within a small rectangle or a channel in the shape of a flag. Flags are short-term continuation patterns that mark a small consolidation before the previous move resumes.
A flag chart pattern is formed when the market consolidates in a narrow range after a sharp...
* Previously this breakout its major resistance with extremely high volume in weekly chart . Now pullback its support zone and trading near its support . After breakout Resistance now act as a Support now .
* After a long consolidation finally stock breakout with extremely high volume from its major resistance level ( mentioned in chart) and after breakout stock is pullback near it support level so good opportunity to buy in lower price with managing the risk and quantity management .