Pennant formation chart

Pennant formation chart

A pennant can be used as an entry pattern for the continuation of an established trend.

A pennant can be used as an entry pattern for the continuation of an established trend. The formation usually occurs after a sharp price movement that can contain gaps (known as the mast or pole of the pennant) where the pennant represents a period of indecision at the midpoint of the full move, consolidating the prior leg.

  a pennant pattern is a continuation chart pattern, seen when a security experiences a large upward or downward movement, followed by a brief consolidation, before continuing to.

  what you must remember is that with all chart formations, nothing is going to 100 the exact same or there are no cookie-cutter patterns that must look exactly what is illustrated for the trade to work out. There are hundreds, if not thousands, of slight variations of each chart pattern. It is up to you and your ability to identify them and draw them accurately.

As the uptrend is strong, the temporary pause is rather short and the bulls are full of confidence and eager to extend the trend higher. Just a few hours after the consolidation had started, it actually ended with a powerful bullish candle that burst through the upper line.

  in technical analysis, a pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging.

Duration flags and pennants are short-term patterns that can last from 1 to 12 weeks. There is some debate on the timeframe and some consider 8 weeks to be pushing the limits for a reliable pattern. Once a flag becomes more than 12 weeks old, it would be classified as a rectangle.

Pennant patterns can be bullish or bearish, depending on the direction of the trend. Plenty of stock charts will show candles that look to be in the form of a pennant or flag, however be sure to locate the flagpole too. The rapid move up or down at the initial stage of the formation must be present for the pennant pattern to be confirmed.

  pennant chart pattern a pennant chart pattern is a continuation pattern. This pattern is created when price makes a large move either higher or lower and then begins to move sideways and consolidate. During this sideways movement price begins to squeeze with converging trend lines creating a pennant that will often be form as a triangle.

  the flag or pennant chart pattern is formed right after a bullish or bearish price movement followed by a period of consolidation. This is where price tends to take a pause before continuing in the original direction of the trend.

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Pennant formation chart

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