Rheags,
This is the chart im sitting on.
As can be seen, CSL has already completed a bear flag formation.
Length of flag pole and projections are noted in blue on the chart.
On completion of the bear flag CSL is now forming a triangle or pennant...you can see where ive started the flag pole and my projections on the chart (in red).
Volume has decreased during the formation of the pennant...this is classical TA stuff.
Pennants can go either way, a vast majority of traders wait for a break and take a position accordingly. Im already long, but ive got my stop loss protection in place should it go south (in black)
A breakout to the upside should be accompanied with a distinct increase in volume...not necessary for conformation of a downside break, but essential for an upside break.
Hope this helps :)
Rheags,This is the chart im sitting on.As can be seen, CSL has...
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Last
$305.34 |
Change
4.220(1.40%) |
Mkt cap ! $147.5B | |||
| Open | High | Low | Value | Volume |
| $303.92 | $305.98 | $302.00 | $378.0M | 1.257M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 74 | $305.22 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $305.43 | 250 | 1 |
View Market Depth
| Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
| CSL (ASX) Chart |