Jamiee - it could be that the flag is actually a falling flag as per the chart below. Ideally, patterns need 2 troughs and 2 peaks on the pattern boundaries to be considered valid. That's not to say patterns on the daily chart don't work - they can just be harder to see because of the 'noise' on daily charts and less reliable. IFN needs to confirm the last low in the pattern for it to be valid (IMO) but that looks a pretty sure bet now. A falling flag would have a higher chance of breaking up (as that's what they usually do), whereas a sideways flag can break either way (as you intimate). Thinking about buying but I've got a high exposure to the market at the moment and I'd prefer to take a few off the table - so I'll wait and watch for now. If it breaks and closes up with volume I might find it too hard to resist.
IFN Price at posting:
61.0¢ Sentiment: None Disclosure: Not Held
