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Pennant

How to make a winning trade using pennants A pennant is a small symmetrical triangle that begins wide and converges as the pattern matures (like a cone). Here is an example of IEX. The company has declared a good set up of numbers on 22nd July. Profit after tax is up by 48% Sales are up by 36% The price is now hovering near the previous Resistance which now acts as a support Tight price range near the support level. Look at the small candles. Price goes up with rising volume on 23rd Aug. Any pattern may falter depending on the overall market condition. So one should always keep a stop loss. :) Hope you liked the idea. Happy trading.
Editors' picks
NSE:IEXEducation
by ObliviousChart
6
A wonderful swing trade opportunity for 30% returnSwing trade with both technical and fundamental conviction!! A flag and pennant pattern is formed in Saksoft and once it is broken, we can see a good upward move. CMP is 666 and it should be bought for a target of 860. Target is calculated using flag pattern height. SL will be 600 on a closing basis. Target might take 1-2 months to hit. Saksoft is a really good IT company and the companies sales, profit, EPS is increasing for many years which indicates good fundamentals. Do hit the LIKE button if you liked the analysis and FOLLOW for regular swing trading ideas. Happy Trading :)
NSE:SAKSOFTLong
by TradingWithRahul