On a Daily time frame, JP225 has formed a Flag and Pole pattern, usually a Flag and Pole is a continuation pattern, which means it will resume the previous trend. The trend in JP225 is bullish a small retracement has been witnessed forming the pattern. A breakout on the upside will resume the uptrend which will follow a good up run making a new all-time high whereas a breakdown on the downside would be a change in trend.

Currently, the price is trading near the Fast and Slow EMA, at the breakout the price should trade above both the EMA.

Currently, the momentum indicator RSI is trading near 46 marks, at breakout the RSI should not be more than 75, if the RSI is 75 wait for the throwback and enter after the throwback.

Advice: Go long if the above conditions are fulfilled.

Flag And Pole

Sep 24 2023