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Pennant

Dollar Index: Sell-On-Rally Scenario?According to the US Dollar Index, the US dollar recently elbowed south of its 200-day simple moving average (SMA) at 104.43. This follows a rejection of resistance from 105.04 on the daily chart, which, as you can see, shares chart space with the 50-day SMA at 105.08. Early Downtrend Regarding trend studies, an early sign of a downtrend is seen through the handful of lower lows and lower highs formed after reaching a high of 106.52. Further supporting the downside bias is the Relative Strength Index (RSI) holding south of the 50.00 centreline (indicating average losses exceed average gains). Chart pattern enthusiasts may have also recognised the recently completed bearish pennant pattern, drawn from between 104.08 and 105.11. Price Closing in on Retesting the Lower Side of Resistance Although price action printed a moderate recovery yesterday, today’s movement shows price attempting to extend recovery gains. This could be sufficient to draw the Index back to the underside of the 200-day SMA and the lower boundary of the breached bearish pennant pattern’s structure, which may offer sellers enough resistance to fade. So, with everything on show, bears still appear to be in the driving seat ahead of today’s US ADP non-farm employment change report and the US ISM services data.
TVC:DXYShort
by FPMarkets
$FTM Bull Case - Multiple TargetsBINANCE:FTMUSDT is looking quite bullish, with a very clean chart and well respected Fibonacci retracement levels. The support is sitting right at 61.8% of the last leg up. (Common reversal level) I think the chart is open to multiple interpretations, each with a different target: Descending Triangle : $1 Also a key psychological level and a previous resistance. Bull Pennant : $1.15 Previous resistance and close to the top from last March. Elliott Wave W3 : $1.3 or $1.62 If $0.76 is the local bottom, it would be a perfect Wave 2 end (61.8% of Wave 1). According to Elliott Wave theory, the Wave 3 target would be either $1.3 (161.8% of W1) or $1.62 (261.8% of W1). $1.3 is also a key support from 2021/2022. $1.62 is also a resistance from 2022. My strategy for this will be: Open a long position after a break above the resistance trendline, with a wide SL Take partial profits at each target Starting from $1.15, move my SL up below the previous target Not Financial Advice
Long
by AliferCrypto
GOLD - Price can bounce up to $2380, leaving pennant paternHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊 Some days ago price bounced up to resistance level, which coincided with resistance area, and at once turned around. Also, price started to decline inside falling channel, where it declined lower than $2315 level, breaking it. But when Gold reached $2277 points, it turned around again and tried to rise, and some time later made upward impulse. Gold finally broke support level, exited from falling channel, and continued to rise in pennant pattern. In pennant, price made fake breakout of $2420 level, after which declined to support line, where continues to trades now. In my mind, XAU can bounce up from support line, exit from pennant, and continue to rise to $2380 If this post is useful to you, you can support me with like/boost and advice in comments❤️
OANDA:XAUUSDLong
by WalterMoon
5
JASMY: Potential Bullish Pennant Breakout!Hey everyone! If you enjoy this content, please consider giving it a thumbs up and following for more analysis. JASMY is currently testing the top of a potential bull pennant pattern on the daily timeframe. A confirmed breakout could signal further bullish momentum. Buy some now and add more in the dip. What to Watch For: Confirmation of Breakout: A daily close above the resistance level of the pennant strengthens the bullish case. Volume: Higher trading volume on the breakout can increase confidence in the signal. Possible Entry & Targets (for educational purposes only): Entry: $0.021-$0.024 Potential Targets: 300-400% Stop-Loss: $0.018 (Consider setting a stop-loss based on your risk tolerance strategy) Let's Discuss! What are your thoughts on JASMY's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
Long
by CoreCrypto1
1
BNB: Potential Bull Pennant Breakout!Hey everyone! If you enjoy this content, please consider giving it a thumbs up and following for more analysis. BNB recently completed a formation resembling a bull pennant pattern on the daily timeframe. The price has broken out of this pattern and is currently retesting the breakout zone. If it holds this retest level, it could signal further bullish momentum for BNB. Buy some now and add more in the dip. Entry range:- $560-$600 Targets:- $712/$834/$986/$1194 SL:- Daily close below $530 Let's Discuss! What are your thoughts on BNB's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
Long
by CoreCrypto1
Bitcoin can rebound up from support line to 71000 level Hello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price traded near the resistance level, which coincided with the seller zone and resistance line, after which rebounded down to the support level. When BTC fell to the 60200 level, it turned around and rose to the resistance line, but after the price reached this line, it rebounded and declined lower than the support level, which coincided with the buyer zone. But then the price entered an upward pennant and made an impulse from the support line, breaking the support level again and the resistance line. After this movement, BTC corrected move to support line of pennant, after which continued to grow. In a short time, Bitcoin reached a resistance level and even entered the seller zone, where it reached the resistance line of a pennant. But a not long time ago BTC turned around and declined lower than the 71000 level, breaking it again, after which in a short time rose to the resistance line of the pennant. Also, the price rebounded and started to decline, so, in my opinion, Bitcoin can decline to the support line and then rebound up to the resistance level, thereby exiting from the pennant pattern. Therefore I set my target at the 71000 resistance level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
6
Elevated Aussie Inflation Places the Spotlight on AUD/USD ResistOvernight, Aussie inflation accelerated for a second successive month, according to the Monthly Consumer Price Index Indicator, rising +3.6% in the twelve months to April and surpassing the +3.4% median market estimate and the +3.5% print reported in March. This will be unwelcome news at the Reserve Bank of Australia (RBA) and highlights that we will unlikely see a rate cut this year. The Australian Bureau of Statistics (ABS) noted that price increases were seen in housing (+4.9%), food and non-alcoholic beverages (3.8%) and alcohol and tobacco (+6.5%). RBA: ‘Not Ruling Anything Out’ The previous RBA meeting saw the nine-member Board hold the Cash Rate at a 12-year peak of 4.35%; this follows a total of 425bps of tightening from May 2022 until November 2023. The central bank's overarching message at this meeting is that they are still ‘not ruling anything out’. The decision to hold rates unchanged followed Q1 inflation surpassing market estimates as well as the RBA’s forecasts. Looking Ahead The RBA meets next on 18 June, and given the latest inflation data, a rate adjustment from the central bank is very doubtful. In fact, according to the OIS curve, the chance of a rate cut unfolding this year is unlikely, with investors now pricing in a possible rate hike in September (around a 30% probability is priced in as of writing). This consequently triggered a short-term spike in the AUD versus its US counterpart to a high of $0.6666 before swiftly reclaiming pre-announcement levels. Regarding where the AUD/USD stands, longer-term market action reveals buyers and sellers have been squaring off between two converging lines on the monthly chart, establishing what many technical analysts will view as a potential bearish pennant pattern drawn from $0.7158 and $0.6170. You will note that price is also challenging the upper boundary of the pennant formation, indicating possible resistance ahead. As a note, it is worth bearing in mind that although pennant patterns are considered continuation formations, they have been known to signal trend reversals upon failure of the pattern. Another technical observation worth taking on board, of course, is that the Relative Strength Index (RSI) on the monthly chart has been exploring terrain south of the 50.00 centreline since early 2022, demonstrating negative momentum.
Short
by FPMarkets
ADA Daily Chart Analysis - Long Target $0.62, Short Target $0.26NOT FINANCIAL ADVICE TL;DR Bear Pennant / symmetrical triangle, No Trade Zone, wait for breakout. Long target is $0.62, short target is $0.26 BITGET:ADAUSDT has been trading in a symmetrical triangle (potential Bear Pennant) since April 13th. For me it's a No Trade Zone now, a breakout is needed to determine the direction of the next trend Fairly respected fibonacci retracement levels highlight potential areas of interest Disclaimer: The targets will change if a breakout does not happen soon, as they need to be measured starting from the breakout point 🟢 Bull Case The target of a breakout from the resistance trendline 🟠 is $0.62, which is also where the breakout that led to the last leg down happened Watch $0.58 (0.718 fib) as it is a previous key area and a High Volume Node which could offer some resistance 🔴 Bear Case The Pennant target for a break below the support trendline 🔵 is $0.26, which is a previous key area and inverted 1.618 fib of the last leg down
by AliferCrypto
HelenP. I Bitcoin can exit from pennant, and continue to riseHi folks today I'm prepared for you Bitcoin analytics. A not long time ago price declined to the trend line and then at once made impulse up to the support level, which coincided with the support zone. Soon, the price broke this level and made a retest, after which continued to move up to the resistance level inside the upward pennant. When BTC reached the 70500 level, the price broke it and rose to the resistance line of the pennant, but at once turned around and in a short time declined to the trend line, which is the support line of the pennant too, breaking the resistance level one more time. Next, the price some time traded near this line and then rebounded up to the resistance line of the pennant, which at the moment continues to trades near. So, for this reason, I expect that Bitcoin will continue to grow to a resistance level, thereby exiting from the pennant. Also then, I think BTC can break the resistance level, make retest, and continue to grow. So, I set two goals: 1st at the 70500 resistance level and 2nd at the 72500 points. If you like my analytics you may support me with your like/comment ❤️
Long
by FirstNameHelen
1
Pennant Pattern on HINDPETROHINDPETRO formed a Pennant pattern on daily chart. Multiple support and resistance levels were tested with aggressive buyers seen in the last swing before the breakout. Also there was a spike in volume on breakout day indicating strong buyers out there. Stop loss can be held just below the breakout candle with target the width of the broader triangle. Risk reward is ideal with 1:2.8 Hope you liked this idea, if so please boost this idea so others could benefit or leave a comment on what you think. I'll be glad to hear from you. Otherwise happy trading :-)
NSE:HINDPETROLong
by digijagan
Pennant - EUHere I have EUR/USD on the 4 Hr Chart! Price made a good push to the Upside surpassing the Highs earlier this month but then getting caught up by the Highs of April Currently Price is bouncing back and forth between the Falling Resistance and Rising Support. Potential False Break zones for both Resistance and Support are marked by the High and Low Points starting the pattern! Pennants are patterns where the fight between Bears and Bulls is equal and eventually one will win out the other, this will be followed by a STRONG, CONVINCING Break of Pattern and Close to Validate the movement. Fundamentally this week for both EUR and USD will be Flash Manufacturing & Services PMI being released Thursday! As Indicators go: -Above 200 EMA -DSR Assist -Above 50 RSI -Super Nova Layout +3
by Novi_Fibonacci
HelenP. I Euro will make small move up and then start to fallHi folks today I'm prepared for you Euro analytics. A few moments ago price broke the support level, which coincided with the support area and fell to the trend line. After this movement, it turned around and started to trades inside the upward pennant, which soon rose to the 1.0760 level. Also then, EUR broke this level, made a retest, and then continued to move up to support 1, which coincided with the resistance zone. When the price reached this level, it broke and rose higher even the resistance zone to the resistance line of the pennant. After this move, EURUSD made a correction a little below support 1, after which in a short time rose back to the resistance line of the pennant, but soon turned around and started to decline. In a short time, it fell to the trend line, which is the support line of the pennant, breaking the 1.0850 level. But recently Euro rebounded up and broke this level again and now it continues to trade inside the resistance zone in an upward pennant. For my mind, EURUSD will rise to the resistance line of pennant and then start to decline to the trend line, breaking the support level. So, for this case, I set my goal at 1.0830 points, which is located a little below the trend line. If you like my analytics you may support me with your like/comment ❤️
Short
by FirstNameHelen
5