I am sharing my Idea for Reliance Industries. Reliance is about to make " Pennant" Bullish breakout pattern in a day time frame. we Just need confirmation.
What is Pennant Pattern?
Pennant is a short-term continuation pattern. It is created when there is significant price movement in the stock, i.e. strong volume rally on the back of positive fundamental development followed by several days of narrowing price consolidation in the stock on light volumes. Finally a fresh breakout is observed in the direction of the prevailing trend with a surge in volumes once again. The duration of the pattern is usually a few weeks. The pennant is in effect a very small triangle. The technical price target for a pennant is arrived at by computing the height of the flag pole and adding it to the eventual breakout point after consolidation.
where is the mast or post of pennant....i see a bearish pennant if u take 1st oct to 8th oct as a pole....
pensun1
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so in short u saying that RIL can currently fall as low as the 200 DMA or the support line u have drawn and then a BIG pull on the upside is possible. Did i read it right?