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Flag Pattern in Ajanta Pharma

Discussion in 'Technical Analysis' started by kanuagarwal9975, Oct 3, 2020.

  1. kanuagarwal9975

    kanuagarwal9975 New Member

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    Wasn't this the beginning of formation of flag pattern in Ajanta Pharma in August beginning? Screenshot_20201003-194116_WhatsApp.jpg
     
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  2. 1sreerajvs

    1sreerajvs Member

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    Sure. flag completed in 6 trading days.
     
    Last edited: Oct 4, 2020
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  3. moin000

    moin000 Member

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    what is the significance?is there any buypoint now?
     
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  4. 1sreerajvs

    1sreerajvs Member

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  5. shabbir

    shabbir Administrator Staff Member

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    Yes it was but the point you are pointing with blue arrow wasn't the first pole. Moreover, flag only spans for a few days only. It is not very long and so there is no entry now.
     
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  6. kanuagarwal9975

    kanuagarwal9975 New Member

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    But what about the second pole?
     
  7. shabbir

    shabbir Administrator Staff Member

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    Can you mark the first and the second pole you are seeing in the chart
     
  8. kanuagarwal9975

    kanuagarwal9975 New Member

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    First pole is the one I have pointed with the blue arrows. I cannot find the second one. That is what I am wanting to know. Why is there no second flag?
     
  9. shabbir

    shabbir Administrator Staff Member

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    It is because the first one failed as flag. In a flag in the next few days the second flag should start. It doesn't and so the flag failed.

    Moreover, the low from the start of first flag is broken and so it means even the stop loss was hit.