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| Discuss CESC Flag or Penant Breakout ??? at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; dear friends below attached is chart of CESC Ltd. (NSE) . Is it a valid Flag ... |
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#2
2nd September 2007, 02:34 PM
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Re: CESC Flag or Penant Breakout ???
Quote:
Target Price It is commonly held that the length of the mast indicates the potential price increase. Like the Flag, the Pennant is considered to be a pause in a downtrend. Following the Pennant, the price typically jumps to replicate the height of the mast, while continuing in the direction of the inbound trend. This pattern is effectively a pause in a downtrend. The price has moved ahead of itself with a steep rise; therefore market activity takes a break before continuing the downtrend. This pause is reflected in the decreasing trading volume. Similarly, a spike in volume marks the resumption of the downtrend" Accord. to me there is no triangle formation or Wedge continuation pattern. therefore it is Flag not Penant chintan 
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#3
2nd September 2007, 02:57 PM
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Re: CESC Flag or Penant Breakout ???
You are ignoring the time factor. This has gone on too long and retraced too much to qualify as a consolidation.
Looks safe till 483-485 (In fact the pattern on the hourly gives a tgt of 489 which corresponds exactly with its last pivot high) However the daily smacks of a developing Inverse H&S So maybe another touchdown to 440-450 levels. Regards, Kalyan.
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#6
2nd September 2007, 06:21 PM
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Re: CESC Flag or Penant Breakout ???
Quote:
Last edited by chintan786; 2nd July 2008 at 11:39 PM.
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CESC Flag or Penant Breakout ???
