OPTIMISTIC APRIL AWAITS THE FKLI
FKLI March (Spot) contract expected to expire on a strong note in tandem with the firmer cash market.
Technically, the FKLI Spot Daily Chart below have taken out the Bollinger Middle Band and Fibonacci Retracement 50% Resistances. During this change in polarity principles both the
FR 50% & Mid BB have now turned from resistances to supports.
With the FKLI prices positioned above the Mid BB coupled with expanding Bollinger Bands, the uptrend is seen to be strengthening. Positive sentiments are supported by the MACD rising above the Zero Line. Histogram is in Round Top formation.
With the Stochastics above the 70% level, the FKLI uptrend is expected to stay intact until the Stochastics should fall below 70% whereby consolidations is expected to set in.
FKLI 15 mins Chart Bull Flag
The BF like the Bull Pennant are continuation patterns.
In a nutshell, a bull flag appears as a bunch of candles (5 or more) that dips or moves sideway during a major uptrend. This happens with lower volume that began at the mast or flagpole and to continue until a breakout occurs where prices are boosted by stronger than average volume.
Many technical analysts are of the opinion a flag is necessary break for the bulls to "take a breather" after a strong uptrend. It can also be viewed as a consolidated "cooling-off" period for bulls to catch a 2nd wind.
Bull Flags & Pennants are more consistent and telling during DAILY CHARTS. Since ZL is using a 15 mins short timeframe period as an example above, readers are cautioned that a breakdown can happen as fast as the breakout that occurs.
Anyway, an example is better than no example.
It is just to exemplify the mechanism & characteristics of the mentioned pattern.
Cautions & Alerts OK?
HAPPY TRADING & GOODLUCK2ALL