CESC Flag or Penant Breakout ???

chintan786

Well-Known Member
#2
dear friends

below attached is chart of CESC Ltd. (NSE) . Is it a valid Flag or Penant
breakout? Seniors pls do comment.....

have a nice day
JB
According to Martin Pring""a pennant is in effect a very small triangle. If anything, volume tends to contract even more during the formation of a pennant than during that of a flag." However, as with Flags, when the Pennant completes you will often observe a sharp spike in volume.


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
 

kkseal

Well-Known Member
#3
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.
 

kindman

Well-Known Member
#4
Woow Excellent... John Keep It Up

Cesc Cmp 458

Its Having Wedge Breake Out

Clear Buy Signal.... Buy At 450

Target 480 /500

Sl 428
 

chintan786

Well-Known Member
#6
dear friends

below attached is chart of CESC Ltd. (NSE) . Is it a valid Flag or Penant
breakout? Seniors pls do comment.....

have a nice day
JB
hi all , take a look to this..
 
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