Text Book Flag formation in Chennai Express errrrr Chennai Petro

If breakout happen in lower side, then please wait till above 260 for a target of 260 + (240 - 180) = 320. Incidentally it happens to be April 2010 high. It should retest once shoot off the flag.

Flag formation is backed by huge volume on first few candels.

Note: This is only technical view, take your position as per your understanding of chart.