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Pennant

Marksans Pharma Pennant Breakout or Trap?I like to trade Flag(Pennant) pattern simply because it is relative smaller pattern so the holding period is less and risk to reward is mostly good. I've detected another pattern which looks promising as formed correctly fulfilling all the criteria. My only concern is its closing at the lower side forming a wick on double top zone. Is it an opportunity to enter cheap or a trap of a Supply Zone? Still I would take chance as small stop loss is affordable to me. I would like to hear your views in this situation, please provide your valuable comments. Thanks!
NSE:MARKSANSLong
by praveen.bhatiya
2
Educational 07: Flag and Pennant PatternsThese are continuation trend pattern that are found frequently in the markets. I wanted to cover it and share it with you as I found some good charts during my research that are forming such patterns. One of them is Aban offshore, chart link attested below. (I have also provided some examples given in comments box below for your references and goodself.) There are 3 important things to note: 1. The Initial Impulse (Flag Pole) 2. The retracement (Actual Flag or Pennant) 3. The Measured Move (an equal reaction swing to the pole) These factors conclude to the formation of Flag and pennant patterns. They are easy to identify and provide high potential returns. Comment below your questions regarding the same to improve your and other traders understanding of the patterns by providing examples and any explanations if required. Thanks for the support, With Regards,
Education
by NeeteshJain
29