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Pennantpattern

USO: Bullish PennantThis is a lower conviction play as the one can argue that the pennant did not enter a consolidation and is part of the continued upward trend however, I would argue that since pennants are continuation patterns with representing a "brief" consolidation, magnitude of the entry (into the pattern) should not matter. But entering from the bottom, we saw some profit taking on the first spike up (that formed the height of the pennant and we will probably see some reloading through out the pattern. In crude oil futures, we saw a lot of profit taking by speculators at the top of this range (as by COT). I think structurally (fundamentally) crude oil needs another 25% leg up anyway to be fairly priced (assuming conflict remains but doesn't escalate, and producers don't go back online). 1) The short term news of 1 million released daily from the SPR is nothing (versus the 20 million we consume daily). 2) We are also entering spring/summer/fall where oil is more heavily consumed; on top of an end of COVID lock downs (doesn't seem like we will be doing that anymore even in blue states). 3) With high inflation (houses and physical goods) I can see consumer preferences change from stuff to experiences, ie traveling. Even oil is relatively high to its spot price, inflation adjusted its significantly lower than its last peak - there is probably another spike left to go up. I think the risk-reward is worth it to buy at the bottom of this channel before we continue heading higher to at least PT of ~96. A position is merited here to be added on the upward breakout if supported by a strong volume bar. I think the downside argument could be made that instead of a pennant this is a longer-term (beginning of) distribution pattern, evident by a selling climax. However, if that's the case USO will have some support by the current positive carry of crude oil giving some positive return (or cushion to ~3-4% monthly) while consolidating in the range. If discovered there is a longer term distribution pattern on the way - I can probably exit at flat.
AMEX:USOLong
by quantitativetendies
2
$CINT is building a base you can't ignore and here's why!* Was building out a cup an handle pattern * Was due to break above $19 but due to the current market conditions it pulled back * Since then $CINT has been in a range that's getting tighter and tighter * Currently it's forming a pennant pattern * The price has to break out of this pennant by May 11th, 2022 either to the up side or to the down side * Just yesterday it printed a pocket pivot which is a sign of institutional accumulation * Now's a great time to start accumulating as the consolidation's getting tighter * You can manage risk just under the base of the pennant or around the $14.82 area * Currently showing tonnes of strength and a high UD Ratio of 1.95 tells that it's being accumulated right now. Outlook: * Start accumulating * If it breaks out of the pennant wait for a clean close above $19 to add more to your initial position * Cut losses quickly as this can go south pretty fast should it break below the pennant. Technicals: * Sector: Technology - Software - Infrastructure * Relative Strength vs. Sector: 3.54 * Relative Strength vs. SP500: 9.35 * U/D Ratio: 1.95 * Base Depth: 105.1% * Distance from breakout buy point: -21.2% * Volume 179.83% above its 15 day avg.
NYSE:CINTLong
by HaseebKhan_90
BTC Symmetrical triangle/PennantBitcoin is trading sideways last 5 days forming a symmetrical triangle and a pennant at the same time. In modern markets there are not bullish and bearish patterns on its own. To be profitable, you need to use them in conjunction with other indicators, news etc. Volume is declining, it's normal during the consolidation phase. In the long run BTC is still in a bull trend, so if you intend to treat these patterns as bearish signals, that's not a good idea. Every day, whales, like Luna Foundation Guard accumulate millions USD in Bitcoins. So, the price target for symmetrical triangle is around $42.7k The price target for pennant is around is around $44.6k As for the stop loss, the "rule" says, slightly below the low of the pattern, or below the down trendline. Investing is a probability game. Try for consistency, there is no perfection in this. Not financial advice. Always do your own research.
KRAKEN:BTCUSDLong
by Rhaonnor
1
GALAUSDT is going to retest the dynamic supportThe market got a rejection exactly from the weekly resistance of 0.29$ and the price is going to create a pennant on the daily timeframe. On the 4h timeframe, the price is going to retest the 0.25$ resistance on the M's neckline. As you can see on the 4h timeframe (the lower one) the price created a double top of 0.29$. How to approach? We could see a pullback on the previous support now resistance and a new bearish impulse until the dynamic support on 0.24$ –––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure.
Short
by InkyGrip
2
KCSUSDT is ready to explode?On the daily timeframe, the price is testing the upper trendline of the big pennant, exactly 19.5$ on 0.618 Fibonacci level and the price is going to create a Cup and handle as well. On the 4h Timeframe the price had a rejection from the 21.2 Resistance and now it's testing the previous weekly support. How to approach? the price could have a false breakout of 19$. In that area the market finds the liquidity for a new bullish impulse. the price needs to have a breakout from the 21.2 Big resistance. So, IF the price is going to have a breakout from 21.2, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
38
BTCUSDT is creating a pennantThe price is creating a pennant on weekly support of 44200$ after a rejection from 47k, where the market has a supply zone. on the daily timeframe, the price is testing the previous resistance as new support. How to approach? The price is creating a pennant and retesting the lower trendline. The price needs a new breakout from it and flip the 47k resistance into support and satisfy our rules. The scenario is invalidated if the price is going to lose the 44200$ According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
22
FILUSDT is creating a pennantThe market created a triple top on the monthly support ton 17$. As I said in my previous analysis, () After the breakout of 19$ resistance the price got liquidity and created aa big bullish impulse On the 4h timeframe the price is creating a pennant below the monthly resistance on 26.5. How to approach? The price could have a false breakout and retest the 23.6$ support and get the new liquidity. If the price is going to have a breakout from the monthly and daily resistance (27.4$) we could see a bullish continuation. The next valid resistance is 27.38$
Long
by InkyGrip
4
ETHUSDT is testing the previous resistance as new supportAccording to my previous analysis, the price got a rejection exactly on the daily resistance as I told you. The resistance on 3400$ is so strong and the price needs new liquidity to create a clear breakout from it. At the moment the market is overextended, and we could see a retracement before the new bullish impulse. On the 4h timeframe, the price is following my previous drawing and the market is testing the previous 4h resistance as new support. The price needs to hold it. So, IF the price is going to grab new liquidity and gain momentum, we could see a new bullish impulse above the 3460 (new higher high) and if the price is going to retest the previous resistance as new support, we could see a new bullish impulse, where the next resistance could be on 3700. Otherwise, if the price is going to lose the 3140$ we could see a retest of 3k as new support. –––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure.
by InkyGrip
11
🐻USD/CAD SHORTUSD/CAD has been moving down recently following the formation and breakout of a pennant on the daily chart. Price has now formed another pennant on the 1H chart. Price showed strong rejections off the previous support with a bearish engulfing pattern The price impulsed downwards and then started correcting. In such cases, another impulse or move downwards may be expected. We should look to sell with targets marked in green. A second target would be at 1.20070 but is for the pennant on the daily chart. OANDA:USDCAD
Short
by WAR_ON_FOREX
STORJUSDT is creating a pennant The price had a breakout from the descending channel on the daily timeframe after a bounce on the weekly support on 0.91$. On the lower timeframe (4h) the price is creating a pennant below the monthly resistance and above the 4h support. the market printed a false breakout from the pennant and monthly structure. How to approach? We are monitoring the price, we are waiting for the breakout from the pennant with volume. IF the price is going to have a breakout and retest monthly resistance as new support, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
2
CTKUSDt is creating a pennantthe market created an inverse head and shoulders on 4h timeframe and had a breakout from its neckline. Now the market is creating a pennant on the daily resistance around 1.5$ . How to approach? IF the price is going to have a breakout from the pennant and from the daily resistance, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
20