Pennant chart pattern is a pattern which is like symmetrical triangle chart pattern.
It is trend continuation chart pattern.
For this reason, if you found this in an uptrend or a downtrend, you may expect that the trend may go more or the trend may continue its journey.
If you found a pennant in an exhausted uptrend, you should listen this story!
It is called that the buyers want to take breath to continue the trend again. For this reason, bullish pennant chart pattern are formed. After this most of time buyers are able to continue the trend again. Because, more buyers may attend at this level to make the price up more.
If you found a pennant in an exhausted downtrend, you should listen this story!
It is called that the sellers want to take breath to continue the trend again. For this reason, bearish pennant chart pattern are formed. After this most of time sellers are able to continue the trend again. Because, more sellers may attend at this level to make the price down more.
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