Discussion in 'Technical Analysis' started by kanuagarwal9975, Oct 3, 2020.
Wasn't this the beginning of formation of flag pattern in Ajanta Pharma in August beginning?
Sure. flag completed in 6 trading days.
what is the significance?is there any buypoint now?
According to flag pattern , its already hit the target. For more detail check the below post
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.
But what about the second pole?
Can you mark the first and the second pole you are seeing in the chart
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?
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.
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