Does it look like a Flag Pattern on daily charts of Tamilnadu Newsprint & Paper Limited [ TNPL] ? ? ?
Price Action
- Stock consolidated for about 5 month in the range of 119-136.
- If we will see this consolidation carefully, it looks like a cup and handle pattern which suggested a target of 150-155, which is a bullish continuation pattern.
- And now in continuation , a flag pattern is apparent on the charts, which if completes , may take stock to the levels of 180 in the short term.
- Note : There is more of a black candle[ Bearish ] in the flag consolidation, however volume expanded in the straight move [ Flag pole ] while volume is curving up in the consolidation and stock is continuously testing level of 144 .
- Support in Near term 144.[ Intial Stop loss]
- Support in Short Term 136
- Support in Intermediate Term 120
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| Weekly Chart |
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| Monthly Chart |
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