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Pennant

EDU - New Oriental Education & Technology Group - BreakoutCompany info: New Oriental Education & Technology Group, Inc. offers educational services. The Company offers foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries. Earnings: Earnings came out very strong this morning. Revenue came in 869.60 and the street has looking around 814. Earnings beat as well (surprise by 0.03). Technicals: The chart is breaking out of the pennant and with fundamental driver, this can be explosive. Macro: Overnight, there has been positive news out of China. PBOC lowered the reserve requirements by 50bps and there is growing expectation that stimulus is right around the corner, which should help Chinese stocks. Will enter with the 5 min chart and update target along the way but initially run up to 100 looks promising.
NYSE:EDULong
by Kemsdale
BITCOIN - Price can little correct and then bounce up to $45200Hi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊 Recently price entered to rising channel, where it rose to $45200 resistance level, which coincided with resistance area. Then BTC corrected to support line and after this made upward impulse to $48700 points, thereby exiting from channel. But soon, BTC turned around and made a strong downward impulse to $40550 level, breaking $45200 resistance level. Soon, price broke support level to and fell to support line, but later price in a short time backed up higher this level. After this, price formed pennant, where BTC rose to resistance line and recently broke it, exiting from this pattern. Now, in my opinion, Bitcoin can correct and then it continues to move up to $45200 resistance level. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
6
Gold can fall little more, turn around, and start to move upHello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a not long time ago bounced from the support line and made an upward impulse to the resistance line of the pennant, thereby breaking the 2055 resistance level, which coincided with the seller zone. After this movement, Gold rebounded from the resistance line and started to decline to the resistance level, and after it fell, the price exited from the pennant pattern. Next, Gold broke the resistance level one more time and entered to range, where it declined to the 2015 support level, which coincided with the buyer zone with the bottom part. After this, the price started to rise and in a short time rose to the seller zone, but soon turned around and made a downward impulse lower even the buyer zone. Then price soon backed up to the range and some time traded near the support level, after which made a correction to this level and in a short time rose to the resistance level. But a not long time ago price rebounded from this level and started to fall. Now, I think Gold can decline to 2025 points, after which it turns around and starts to move up, therefore I set my target at the 2045 level. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDLong
by LegionQ8
1
Euro can make small movement up and then start to declineHello traders, I want share with you my opinion about Euro. Looking at the chart, we can see how the price a few days ago made an upward impulse from the resistance level, which coincided with the seller zone to the resistance line of the pennant. After this, the price rebounded from the resistance line and started to decline inside the pennant, where in a short time it fell to the support line, thereby breaking the 1.0925 resistance level. Then, the price tried to back up and rose to the resistance line, but the EUR didn't fixed and soon bounced down to the buyer zone, thereby breaking finally resistance level. After this movement, the price started to trades inside the range, where in a short time price rose to the resistance level, and later turned around and declined lower support level, but recently it backed up to the range, making a fake breakout. At the moment, I think that the Euro can make a small movement up and then start to decline to the support level, which coincides with the bottom part of the range. So, that's why I set my target at the 1.0810 level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
1
Bitcoin can exit from pennant and continue grow to 45400 levelHello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price a few time ago declined to the 41400 support level, where it turned around and started to rise inside the upward channel. In the channel, BTC rose to a 45400 resistance level, which coincided with the seller zone and soon broke this level. Price rose a little higher, after which it exited from the channel, entered to pennant, and at once made a downward impulse from the resistance line to the support level, thereby breaking the 45400 level one more time. Next, BTC some time traded near the 41400 support level, and later it declined to support line of the pennant, breaking the support level, but soon price turned around and in a short time rose back. Also recently BTC rose to the resistance line of the pennant, where it continues to trades near now. So, in my mind, Bitcoin can break the resistance line, thereby exiting from the pennant, make a retest, and then rebound up to the resistance level, or after the breakout of the resistance line, BTC will at once continue to move up to the resistance level. For this reason, I set my target at the 45400 resistance level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
5
ETHEREUM - Prise can continue to move up to resistance levelHi guys, this is my overview for ETHUSDT, feel free to check it and write your feedback in comments👊 Recently price entered to rising channel, where it first declined below $2200 support level, which coincided with support area. After this, ETH turned around and in a short time rose to resistance level, thereby breaking $2200 support level. But then price made downward impulse, exiting from channel, after which ETH entered to upward pennant. In pennant, price made upward impulse from support line to resistance line, breaking $2425 level. Later price bounced from resistance line and in a short time declined to support line and soon exited from pennant. Ethereum fell to support level and then started to rise, so possibly ETH can little correct and then continue to rise to $2425 If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
2
Follow-Up Analysis on FSL: Confirmation of Pennant BreakoutBuilding upon the analysis conducted yesterday, it is observed that NSE:FSL stock has successfully experienced a breakout upside from the Pennant pattern. Today's price action has confirmed the Pennant pattern breakout, signaling a continuation of the prevailing uptrend. The breakout is characterized by a decisive move above the upper trendline of the Pennant, validating the technical analysis shared in the previous report. Target Projection: The target for this trade can be estimated by measuring the height of the pole formed before the Pennant pattern. The pole is the strong, vertical price movement that precedes the consolidation phase. To calculate the target, this measured distance is then added to the breakout point. To protect against adverse price movements, a strict stop-loss order should be implemented. The stop-loss level is determined based on the characteristics of the Pennant pattern and should be placed just below the lower trendline of the pattern.
NSE:FSLLong
by VanshikaUdeshi
2
FSL : PENNANT FORMATIONUptrend Observation: The first notable aspect of NSE:FSL stock is the sustained uptrend it has displayed over a significant period. This bullish movement is characterized by higher highs and higher lows, indicating a strong buying interest in the market. Identification of Pennant Pattern: A Pennant is a technical analysis pattern that resembles a small symmetrical triangle, often forming after a strong price movement. The Pennant is typically considered a continuation pattern, suggesting that after a brief consolidation period, the prevailing uptrend is likely to resume. Key Characteristics of a Pennant: Symmetrical Triangle: The Pennant pattern is characterized by converging trendlines, forming a symmetrical triangle. This indicates a temporary balance between buyers and sellers. Decreasing Volume: During the formation of the Pennant, there is often a decline in trading volume. This reflects a contraction in market activity as the stock consolidates. Duration: Pennants are generally short-term patterns, with the consolidation phase lasting anywhere from a few days to a few weeks. Traders and investors who recognize the Pennant pattern in NSE:FSL stock may consider implementing a trading strategy based on a breakout. The breakout occurs when the stock price breaches either the upper or lower trendline of the Pennant pattern. Long Position: A trader might take a long position if the stock breaks out above the upper trendline, signifying a potential continuation of the uptrend. Short Position: Conversely, a short position could be considered if the stock breaks below the lower trendline, suggesting a possible reversal or downtrend. Regardless of the chosen direction, implementing a sound risk management strategy is crucial. Setting a stop-loss order just outside the boundaries of the Pennant pattern can help mitigate potential losses in case the breakout does not follow through as expected.
NSE:FSL
by VanshikaUdeshi
Swiss Franc can rebound up from support line to resistance levelHello traders, I want share with you my opinion about Swiss Franc. By observing the chart, we can see that the price started to trades in a downward pennant, where it first rebounded from the resistance line and made a strong downward impulse to the support line, thereby breaking 0.8720 and 0.8490 levels. But after this, CHF at once rebounded from the support line of the pennant, and made a short impulse up to 0.8490 support level, which coincided with the buyer zone, and soon broke this level. After the price some time traded near this level, it bounced and started to rise to the resistance level, which coincided with the seller zone and the resistance line of the pennant. When Swiss Franc reached this area, the price at once turned around and in a short time declined to support line of pennant. But a not long time ago, the price bounced and started to rise. So, I think that the Swiss Franc can fall to the support line, making a little correction, and then rebound up to the resistance level, thereby exiting from the pennant, pattern. For this case, I set my target at the 0.8720 resistance level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
1
Flag and Pennant Chart Patterns🎲 An extension to Chart Patterns based on Trend Line Pairs - Flags and Pennants After exploring Algorithmic Identification and Classification of Chart Patterns , we now delve into extensions of these patterns, focusing on Flag and Pennant Chart Patterns. These patterns evolve from basic trend line pair-based structures, often influenced by preceding market impulses. 🎲 Identification rules for the Extension Patterns 🎯 Identify the existence of Base Chart Patterns Before identifying the flag and pennant patterns, we first need to identify the existence of following base trend line pair based converging or parallel patterns. Ascending Channel Descending Channel Rising Wedge (Contracting) Falling Wedge (Contracting) Converging Triangle Descending Triangle (Contracting) Ascending Triangle (Contracting) 🎯 Identifying Extension Patterns. The key to pinpointing these patterns lies in spotting a strong impulsive wave – akin to a flagpole – preceding a base pattern. This setup suggests potential for an extension pattern: A Bullish Flag emerges from a positive impulse followed by a descending channel or a falling wedge A Bearish Flag appears after a negative impulse leading to an ascending channel or a rising wedge. A Bullish Pennant is indicated by a positive thrust preceding a converging triangle or ascending triangle. A Bearish Pennant follows a negative impulse and a converging or descending triangle. 🎲 Pattern Classifications and Characteristics 🎯 Bullish Flag Pattern Characteristics of Bullish Flag Pattern are as follows Starts with a positive impulse wave Immediately followed by either a short descending channel or a falling wedge Here is an example of Bullish Flag Pattern 🎯 Bearish Flag Pattern Characteristics of Bearish Flag Pattern are as follows Starts with a negative impulse wave Immediately followed by either a short ascending channel or a rising wedge Here is an example of Bearish Flag Pattern 🎯 Bullish Pennant Pattern Characteristics of Bullish Pennant Pattern are as follows Starts with a positive impulse wave Immediately followed by either a converging triangle or ascending triangle pattern. Here is an example of Bullish Pennant Pattern 🎯 Bearish Pennant Pattern Characteristics of Bearish Pennant Pattern are as follows Starts with a negative impulse wave Immediately followed by either a converging triangle or a descending converging triangle pattern. Here is an example of Bearish Pennant Pattern 🎲 Trading Extension Patterns In a strong market trend, it's common to see temporary periods of consolidation, forming patterns that either converge or range, often counter to the ongoing trend direction. Such pauses may lay the groundwork for the continuation of the trend post-breakout. The assumption that the trend will resume shapes the underlying bias of Flag and Pennant patterns It's important, however, not to base decisions solely on past trends. Conducting personal back testing is crucial to ascertain the most effective entry and exit strategies for these patterns. Remember, the behavior of these patterns can vary significantly with the volatility of the asset and the specific timeframe being analyzed. Approach the interpretation of these patterns with prudence, considering that market dynamics are subject to a wide array of influencing factors that might deviate from expected outcomes. For investors and traders, it's essential to engage in thorough back testing, establishing entry points, stop-loss orders, and target goals that align with your individual trading style and risk appetite. This step is key to assessing the viability of these patterns in line with your personal trading strategies and goals. It's fairly common to witness a breakout followed by a swift price reversal after these patterns have formed. Additionally, there's room for innovation in trading by going against the bias if the breakout occurs in the opposite direction, specially when the trend before the formation of the pattern is in against the pattern bias. 🎲 Cheat Sheet
Education
by Trendoscope
14
EURO - Price can correct to support line and make upward impulseHi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊 When price entered to upward pennant, it at once bounced from support line and rose to $1.0845 level. Soon, Euro broke this level, which coincided with support area, and rose to $1.1005 level, but at once made correction from it. After correction, Euro made a strong upward impulse to resistance line of pennant, thereby breaking $1.1005 level. But soon, price bounced from this line and in a short time declined lower this level, breaking it one more time. Then EUR rose to resistance line, after which bounced down to support level, but recently it rose back to this line. Possibly Euro can decline to support line and then make upward impulse to $1.0970, thereby exiting from pennant. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
1
Gold can make small movement up, after which rebound downHello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some time ago declined to support line of the pennant, thereby breaking the support level, which coincided with the buyer zone, but soon XAU rebounded from it and made impulse up to 2050 points, breaking 2005 level one more time. Next, the price made a little correction, after which continued to move up to the resistance line of the pennant, breaking the resistance level, which coincided with the seller zone. After this movement, Gold rebounded from this line and in a short time declined below the 2055 level, thereby breaking it again. After this, the price fell to 2015 points, where it turned around and made impulse up to the seller zone. Price made a fake breakout of the resistance level, after which it declined to the support level. Also recently, Gold bounced from this level and started to rise. So, just a moment, I think the price can make a movement up, after which the price starts to decline to support line of the pennant. For this case, I set my target at the 2010 points, which coincides with this line. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDShort
by LegionQ8
2
Bitcoin can exit from pennant pattern and continue to declineHello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price traded in a triangle, where it rebounded from the resistance line and made a downward impulse to the support line, breaking the 42300 support level, which coincided with the buyer zone. After this, BTC at once rebounded from the support line and in a short time rose back and reached the resistance line of this pattern, breaking the 42300 level one more time. Later price exited from the triangle pattern and then rose higher than the 45900 resistance level, which coincided with the seller zone, but soon it made a correction below. After this movement, BTC made a strong impulse up to the resistance line, breaking the resistance level again, and soon it turned around and made a downward impulse until the lower buyer zone to the support line, thereby breaking the 45900 level again. As well, the price started to trades in a pennant pattern, where a not long time ago it rose to the resistance line of this pattern. But now Bitcoin trades near the support level, so I think that price can decline to the support line of the pennant, thereby breaking the support level. After this, possible scenario that BTC exits from this pattern, make retest of support line, and continues to fall. For this case, I set my target at the 40500 level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
2