THE BEARISH PENNANT FLAG PATTERN Pennants are the workhorses of the day trader. They perform an invaluable service by marking the midway point in a move. However, if a pennant is not accompanied by a flagpole, then it's not a pennant. Also, performance depends on a strong price trend leading to the pennant. Price trend can be any direction leading to the chart pattern. The Shape looks like a short symmetrical triangle. NOTE: - Prices move between two converging trendlines.. - The flagpole which leads to the pennant should be unusually steep and last several days. - Volume trend downward trend 88% of the time. - Breakout Upward 61% of the time VERDICT: SELL/SHORT: $145.9 BUY:$142.78 down to $136.44 STOP LOSS:$148.27 Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty) Disclaimer: This is for educational purposes,it is not intended as a financial advice. The analyst won't be responsible for a loss of fund. Trader should be able to manage risk
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