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Pennant

Pennant pattern BreakoutThe 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 : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
NSE:BAJFINANCELong
by praveen.bhatiya
Flag/Pennant Breakout !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 comments are my personnel view. please take financial consultancy for trading decision.
MLong
by praveen.bhatiya
4
Inverted Pennant Patter in HDFC Bank, Waiting for breakoutAs 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 an Inverted Pennant Pattern yet the breakout is still awaited. Breakout on lower side could take prices to fall again the pole size of first move which comes around 200 points. e.i If prices are giving negative breakout from 1850, then we can see HDFC Bank falling 200 points from 1850 where we can expect it to fall till 1650. However, If the prices are breaking on the higher side, the current pattern will not work hence need to wait for some other Pattern or Study.
NSE:HDFCBANKShort
by pratiktech
6
Inverted Pennant Pattern in Nifty, Waiting for BreakoutNifty 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 fall again the pole size of first move which comes around 900 points. e.i If prices are giving negative breakout from 10500, then we can see Nifty falling 900 points from 10500 where we can expect nifty to fall till 9600. However, If the prices are breaking on the higher side, the current pattern will not work hence need to wait for some other Pattern or Study
NSE:NIFTYShort
by pratiktech