🔍 Chart Pattern Analysis:
Pattern Identified: Bullish Flag
Pole: The sharp move up from March to early May.
Flag: The downward-sloping parallel channel (purple lines) forming from mid-May to late June.
Breakout Zone: Price has approached the upper boundary of the flag, suggesting a potential breakout.
📊 Volume Analysis:
Volume increased during the flagpole (strong buying).
Volume decreased during consolidation in the flag (healthy sign for a flag pattern).
A volume spike during breakout (not yet seen) would confirm bullish momentum.
📈 Price Projection:
Based on the flagpole height:
Pole height: Approx. ₹1060 to ₹1245 = ₹185
Breakout level: Around ₹1150
Target: ₹1150 + ₹185 = ₹1335
Your chart already shows a projected upward move towards the ₹1,350–₹1,400 region, aligning with this measured move.
✅ Bullish Confirmation Signals:
Price nearing breakout above the flag.
Strong trend from earlier (bullish continuation expected).
Breakout may lead to quick momentum-driven gains.
⚠️ Risks & Invalidations:
Breakdown below flag support (~₹1,080) invalidates the pattern.
Bearish candle near breakout zone without volume can indicate a fakeout.
Broader market weakness may weigh on follow-through.
📝 Conclusion:
This is a bullish continuation pattern (flag).
A breakout above ₹1,160 with volume confirms an upward target of ₹1,330–1,400.
Ideal entry: On breakout with volume.
Stop-loss: Below ₹1,080 (flag low).
Let me know if you’d like a Pine Script for this pattern or volume-based alerts for breakout confirmation.
Pattern Identified: Bullish Flag
Pole: The sharp move up from March to early May.
Flag: The downward-sloping parallel channel (purple lines) forming from mid-May to late June.
Breakout Zone: Price has approached the upper boundary of the flag, suggesting a potential breakout.
📊 Volume Analysis:
Volume increased during the flagpole (strong buying).
Volume decreased during consolidation in the flag (healthy sign for a flag pattern).
A volume spike during breakout (not yet seen) would confirm bullish momentum.
📈 Price Projection:
Based on the flagpole height:
Pole height: Approx. ₹1060 to ₹1245 = ₹185
Breakout level: Around ₹1150
Target: ₹1150 + ₹185 = ₹1335
Your chart already shows a projected upward move towards the ₹1,350–₹1,400 region, aligning with this measured move.
✅ Bullish Confirmation Signals:
Price nearing breakout above the flag.
Strong trend from earlier (bullish continuation expected).
Breakout may lead to quick momentum-driven gains.
⚠️ Risks & Invalidations:
Breakdown below flag support (~₹1,080) invalidates the pattern.
Bearish candle near breakout zone without volume can indicate a fakeout.
Broader market weakness may weigh on follow-through.
📝 Conclusion:
This is a bullish continuation pattern (flag).
A breakout above ₹1,160 with volume confirms an upward target of ₹1,330–1,400.
Ideal entry: On breakout with volume.
Stop-loss: Below ₹1,080 (flag low).
Let me know if you’d like a Pine Script for this pattern or volume-based alerts for breakout confirmation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.