Bullish Flag or a Bullish Pennant for TNY?
Updated
Bullish flag formations are found in stocks with strong uptrends.
They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation.
The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend.
Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle.
The shape of the flag is not as important as the underlying psychology behind the pattern.
Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get.
The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole.
It is important to note that these patterns work the same in reverse and are known as bear flags and pennants.
What is a Pennant?
In technical analysis, a pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines - the pennant - followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-charging again.
This means that the sharp climb in price would resume after that brief period of consolidation, when bulls gather enough energy to take the price higher again.
Pennants are often continuation chart patterns formed after strong moves.
After a big upward or downward move, buyers or sellers usually pause to catch their breath before taking the pair further in the same direction.
Because of this, the price usually consolidates and forms a tiny symmetrical triangle, which is called a pennant.
Higher lows on the RSI & it is trading at approximately 52. Traditional interpretation and usage of the RSI dictates that values of 70 or above suggest that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective price pullback. An RSI reading of 30 or below indicates an oversold or undervalued condition.
They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation.
The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend.
Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle.
The shape of the flag is not as important as the underlying psychology behind the pattern.
Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get.
The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole.
It is important to note that these patterns work the same in reverse and are known as bear flags and pennants.
What is a Pennant?
In technical analysis, a pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines - the pennant - followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-charging again.
This means that the sharp climb in price would resume after that brief period of consolidation, when bulls gather enough energy to take the price higher again.
Pennants are often continuation chart patterns formed after strong moves.
After a big upward or downward move, buyers or sellers usually pause to catch their breath before taking the pair further in the same direction.
Because of this, the price usually consolidates and forms a tiny symmetrical triangle, which is called a pennant.
Higher lows on the RSI & it is trading at approximately 52. Traditional interpretation and usage of the RSI dictates that values of 70 or above suggest that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective price pullback. An RSI reading of 30 or below indicates an oversold or undervalued condition.
Note
TNY is displaying additional bullish patterns at the moment, forming a rounding bottom there is merit for an inverse H&S pattern, plus a Cup & Handle . An inverse head and shoulders , also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
A cup and handle price pattern on a security's price chart is a technical indicator that resembles a cup with a handle, where the cup is in the shape of a "u" and the handle has a slight downward drift. The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume .
A cup and handle is considered a bullish signal extending an uptrend, and is used to spot opportunities to go long.
Technical traders using this indicator should place a stop buy order slightly above the upper trendline of the handle part of the pattern.
Note
Here is a recent example of OSTK forming a rounding bottom recently, 
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