A bearish pennant is a pattern that is similar to a bearish flag. The only difference between a pennant and a flag is the fact that the flag is shaped like a rectangle while a pennant has a triangle shape.
A bearish flag forms after a financial asset forms a major dip. Shortly afterwards, the asset forms a consolidation pattern that resembles a triangle. It has a support and resistance level.
In most cases, a bearish flag pattern will likely breakout lower while a bullish flag will often break out higher