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. The price is contained by a small symmetrical triangle that begins wide and converges to a point as the pattern develops.
Bullish pennants can form after an uptrend, bearish pennants can form after a downtrend. The pattern has completed when price breaks out of the triangle in the direction of the preceding trend, at which point it will likely continue in this direction. Conservative traders may look for additional confirmation of the trend continuing. The target can be estimated using the technique of measuring the length of the mast and extending it in the direction of the breakout. A common stop level is just outside the pennant on the opposite side of the breakout. Pennants should not be mistaken for triangles, which are distinct price patterns.
The stock has nicely formed the Pennant Pattern and gave breakout with higher volume. A little more volume would have made it more reliable however this pattern has a Flat base before forming the pattern. Statistically Flag/Pennant pattern after flat base performs better. One can buy the stock for a target of 2280 - 2300 by providing the suitable SL.
Disclaimer : ...
peannant pattern:
-breakout on either side can determine who is in control,upper side for bulls and lower side for bears.
-it still seems bullish, confirmation will be given on the breakout.
The stock is in consolidation phase in the form of a pennant after a bull run. Expecting to go long at 910 zone for a target of 940.
Entry - 910 zone
SL - 895
T1 - 920
T2 - 930
T3 - 940
For study purpose
Thanks.
Details Mentioned In Chart.
Targets will be updated later.
Positional View for 2 Months.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
NSE:NIFTY
9722 is The Most Important level For the health of the bull-Pivot+Kumo cloud support+ML of PF// vs// Bearish momentum of the Deepbearcrab
Disclaimer... this is not an investing/trading recommendation
The stock has formed a pennant pattern with high volume data. We could either look to short below 339 or sell on rise @ 345 zone.
Expecting a breakdown move of 15 - 20 points on the downside.
Entry - Below 339 or sell on rise @ 345 based on further price action.
SL - 350
T1 - 330
T2 - 325
T3 - 320
Purely for study purpose
Thanks.
The stock is clearly in strong uptrend. Recently it has formed a perfect Pennant pattern and gave breakout yesterday with good volume by closing above the pattern high. The pattern looks promising moreover this small pattern gives fast result. One can enter the long now or on small pull back for a target of around 900.
Disclaimer : All stock recommendations and ...
As to my earlier view, we saw same pattern in Nifty. Similar to that is taking place in HDFC Bank as of now.
HDFC Bank prices have corrected about 200 points from recent high's. Prices had taken support of ascending trend line around 1840. Since then prices are moving in range bound between 1936 - 1912. By drawing a trend line we can see that prices are forming ...
Nifty prices have corrected about 900 points from recent high's. Prices had taken support of ascending trend line around 10276. Since then prices are moving in range bound between 10300 - 10640. By drawing a trend line we can see that prices are forming an Inverted Pennant Pattern yet the breakout is still awaited.
Breakout on lower side could take prices to ...
SREIInfrastructure has bearish formation here with resistance from the ICHIMOKU cloud on top as well as a fall below the EMA(200). MACD signal is also bearish. An overall bearish movement with lower high's and lower low's.
I like this pattern for its reliability and fast achievement of target. The pattern has given breakout today and we can expect the prices around 47 withing a week time.
