The pennant pattern is a continuation pattern. After the bullish rally, the price rests in a zig zag movement similar to a pennant.
We enter when the price cut up the pattern. The goal of the pattern equals the length of the pennant pole. The pattern is broken when the price returns to the triangle area. The MACD indicator shows a possible bullish convergence at the same time that the ADX indicator shows that the uptrend has strength.
We enter when the price cut up the pattern. The goal of the pattern equals the length of the pennant pole. The pattern is broken when the price returns to the triangle area. The MACD indicator shows a possible bullish convergence at the same time that the ADX indicator shows that the uptrend has strength.