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Pennantpattern

Shall CFX go up or down?CFX price action has formed a PENNANT pattern! So what's next? CFX price is facing resistance at 0.4000 level if price break the upper Trendline and 0.4000 level then price may test 0.4500 level and could break to 0.5000 or 0.5500 and if price break downward then we may see price to test 0.2800 level and again starts moving upward cause you can see that on daily time frame I've made two Thick trendlines which shows an uptrend. My Opinion According to my point of view price may break lower trend line and test 0.2800 and starts moving upward Why?? Here's the reasons 1: On daily time volume is decreasing which shows lack of interest and fear! Cuz price has already moved up significantly and a correction is needed to continue the uptrend 2: RSI value is between 60 and 50 So, I think it should fall below 50 3: If price break lower Trendline of pennant then price has legs and rooms to move down 4: 100 MA is also moving towards 0.2800 level another factor which is making it a support level and is ready to be tested 5: According to fib retracement tool 0.2800 level is also falling at 0.618 level of fib which is an important level of this tool Here's my opinion!!!
by Sam786098
IOTAUSDT needs more Liquidity?IOTAUSDThad a false breakout from its daily resistance level and is currently consolidating below it. The market is creating a pennant, which is a common technical chart pattern that can indicate a potential continuation or reversal of the current trend. Traders who follow technical analysis may be watching for a breakout from the pennant pattern to signal the direction of the next price move. However, it is important to note that false breakouts can occur and may lead to significant losses if traders are not careful. In addition, traders should also be aware of the potential for a false breakout on the previous support level. If the price breaks below the support level but quickly rebounds back above it, this could be a false breakout and may lead to further consolidation or a potential reversal of the current trend. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
GRTUSDT is inside a PennantGRTUSDT is creating a pennant below the 4-hour resistance level, following a previous bull run. A pennant is a technical chart pattern that is formed when the price moves within converging trendlines, forming a symmetrical triangle shape. The pattern is characterized by a sharp price move in either direction, followed by a consolidation phase where the price forms lower highs and higher lows. The pennant pattern typically indicates a continuation of the previous trend, which in this case was a bullish trend. In this scenario, the market is consolidating after a strong bullish run, which could indicate that the market is gathering new liquidity. The previous support level at the 0.15$ area could act as a source of liquidity, as traders who missed the previous bull run may be looking to buy at a lower price. To apply Plancton's Rules in this scenario, traders should wait for the breakout from the current resistance level to be confirmed before opening a new long position. This means waiting for the price to break through the upper trendline of the pennant and establish new support. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
ETHUSDT wants the breakout?As per the previous idea, ETHUSDT had a nice impulse, indicating a potential uptrend in the market. Currently, the price is creating a pennant on a weekly key level, which is a significant level for traders to watch out for. A pennant is a technical chart pattern that is formed when there is a sharp price movement, followed by a consolidation phase and then a continuation of the initial price trend. The pennant looks like a triangle, where the price moves in a narrowing range, forming the shape of a flag or a pennant. In this case, we can see that the price of ETHUSDT is forming a pennant on a weekly key level, which indicates a potential continuation of the uptrend. Traders often look for pennants as a potential buying opportunity, as it may lead to a sharp price movement in the direction of the initial trend. As we can see from the chart, the price of ETHUSDT has grabbed liquidity from the 1500$ area, indicating a strong buying interest in the market. Now, we are waiting for the next distribution, which may lead to a potential breakout of the pennant pattern. If the price breaks out of the pennant pattern with a significant volume and then retests the same level, it may indicate a potential buying opportunity, according to Plancton's rules. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
14
BTCUSDT - Pennant and Possible Flag4hr chart. UTC+1 Using Fractiles to get lows and highs. Fib fan drawn from low Wed 18 Jan 17:00 to high Thurs 16 Jan 17:00. Levels seem to have confluence with price action. Support lines building up to initial Pennant. - Draw a trend line from low Sat 11 Feb 17:00 to low 17 Feb 01:00 and change setting to Extend the right line. - Draw a trend line from high Thurs 16 Feb 17:00 to high Fri 17 Feb 21:00 and change setting to Extend the right line. The intersecting point create a Pennant formation which can be seen highlighted. 24,400 seems like a hidden daily which interests me as it has not been tested much. It seems the initial breakout was a fakeout. I Interesting to see if the price can breakout again. Yellow line above for reference is vWap. In case you are wondering about the yellow line. Note: * When in an uptrend, above 0.382 Fib is bullish.
by hmaroudas
XRPUSDT wants the breakout from the key level?The price had a clear breakout from the descending channel and retest it as new support on 0.36$ area on 0.618 Fibonacci level. XRP got the liquidity from the false breakout from the 0.33$ area, where the market created the local demand zone At the moment the price is going to create a pennant just below the daily resistance and key level How to approach it? the price needs to create a new breakout from 0.41$ area, it's a clear and strong resistance for the price. For that reason, we could see an accumulation phase below this structure. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
22
CROX - bullish but near-term resistence overheadCROX is up 28% since breaking out from a 3 month sideway consolidation in early Nov2022. I posted about it on 6 Nov and placed a tight stop just under it's last bullish candle @ 76 and was never stopped out. It is now forming a bullish pennant (a positive) just under a horizontal resistence zone 109 - 111 (a negative). the chance of breaking up or pulling back from here is 50-50 right now. I will take 1/3 profits and tighten the stop for the rest to just under 100 (50% fib retracement of it's most recent mini upswing). Should the stock has a successful breakup above 111 eventually, then that will be another bullish trigger. Let's see how it goes. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:CROX
by Juliac
2
DGSTACC: MACRO ANALYSIS OF QQQ / PENNANT FORMATIONIn the chart above I have provided a simple analysis on what can be considered for when it comes to the overall market. 1. Pennant Formation is provided by taking higher lows and lower highs with a point of convergence. 2. If followed through Pennant path can force price action to previously seen pre-covid times. 3. This would in fact validate a completion of GOLDMAN SACHS 340 market bottom prediction for SPY if QQQ is to fall to 240. Note: This Macro chart will be used for reference and complete a more micro analysis of QQQ.
NASDAQ:QQQShort
by DGSTBROKERACC
Bear pennant.A bear pennant pattern has been spotted on daily time frame. With a pottential target of 0.80$ looks a good shorting opportunity. What Is a Pennant Chart Pattern in Technical Analysis? 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. (INVESTOPEDIA)
Short
by lvooldemort
Big move in VXX brewingWhat we have here is a very LOOONG pennant on VXX. We already had the breakout back in September and since then have created a whole pennant for the retest of the breakout. From how things look now, the apex of the smaller pennant is due to breakout no later than November 22. The yellow rectangles are gaps within the price action. The retest has a gap to be filled and the breakout target is RIGHT at the gap fill of the second from bottom gap. Breakout target for VXX is $27.30 Combine this chart with what I just recently shared on SPY, shows there are darker days ahead.
CBOE:VXXLong
by Pavley
BTC - another leg up #BTCHi everyone! The last btc long went fast and was on target (hurray). This play has more risk (under resistance). but 1) R/R ratio is just fine (2.78) 2) clear invalidation (monthly close + prev ath) 3) RSI consolidating at the higher band - usually indicating a bullish consolidaiton 4) so far looks like a bull pennant is forming, with target exactly at a high volume node In general it's better to wait for a breakout, but based on the chart (lots of stop loss orders - aka in this case buy orders above the range) so it's possible that there will be an aggressive move (later entry is questionable). GL & HF
Long
by krisztiankabat
1
daily chart analysis for SUMICHEMStock analysis for SUMITOMO CHEMICAL IND LTD keep watching add to watch list price falling each time when touches to upper trend line with conforming signal by RSI falling when it touch to 70 again price is testing upper trend line and RSI at 70 from here we can expect down side move in stock to lower trend line if price successfully closes above upper trend line then it may go more up side if price breakdown the lower trend line then rsi trend line will also break then will consider it more fresh selling and fall in price
NSE:SUMICHEM
by ProfitPicks