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.
Something is buzzing in sugar stocks, given the formation of BULLISH PENNANT in few of the sugar stocks, seems something sweet is in the offering soon.
However hold on your Horses, before jumping to trade it. All the sugar stocks viz. Dhampur, Dalmia & Uttam have formed Bullish Pennant , however we need to wait for a confirmation, before Buying the...
Somethings buzzing in sugar stocks, given the formation of BULLISH PENNANT in few of the sugar stocks, seems something sweet is in the offering soon.
However hold on your Horses, before jumping to trade it. All the sugar stocks viz. Dhampur, Dalmia & Uttam have formed Bullish Pennant , however we need to wait for a confirmation, before Buying the Sweetner.
Somethings buzzing in sugar stocks, given the formation of BULLISH PENNANT in few of the sugar stocks, seems something sweet is in the offering soon.
However hold on your Horses, before jumping to trade it. All the sugar stocks viz. Dhampur, Dalmia & Uttam have formed Bullish Pennant, however we need to wait for a confirmation, before Buying the Sweetner.
Levels are mentioned on chart.
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Hello Trader, From last couple of days we have seen bullish movement in Reliance. As per 1 hour technical chart it has formed trend continuing bullish pennant patter. upside movement are expected in it. if price maintains to trade above 1280 for the target of 1320 with the stop loss of 1250
one can look for buying opportunities in it as per given level.
Happy...
+ Dabur is forming a bull pennant pattern.
+ Last week's candle is a bullish hammer
Risk takers can buy on dip to increase RR
Safe players can enter on break of pattern
Target, Stop Loss, Profit %, RR specified on chart
YESBANK is currently at upper trendline resistance of bear pennant. bear pennant after a sharp downtrend usually results in continuation of the downtrend
Also a NR7 + Inside Bar candle formed on daily chart which on breakout on either side give sharp moves on that side most of the times. (Also beware that sometimes it can trap you)
In hourly chart the price has...
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