ABAN OFFSHORE- FLAG PATTERN BREAKOUT (BIG BUY)

It is been observed that the price action is trending up, making new higher highs on weekly chart. It is also observed that price action breaks out from a rectangle shape flag pattern. (When the price action breaks out upward against the downward sloping rectangle consolidation pattern confirms a flag pattern breakout).

As per the flag pattern, the targets are marked by taking the measurement of preceding move before the flag consolidation and adding it after the breakout to achieve targets.

I shall be covering more about the flag pattern and its shape, breakout, targets, measurement in the next educational post which I shall be posting by this weekend. It will provide good understanding about the pattern.

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