ORCL Textbook Bull Pennant Coincident With Index Support CatchORCL Upside break-out of a Descending Pennant.
Some things to note:
Hold of 50 EMA within the pattern
High volume entry into the pattern with descending volume throughout
Notable pickup in activity on the upside break
MACD Cross coinciding with break
Throwback following the upside break that tracks along the upper bound of the pattern and is halted at the 50 EMA
Measuring Implications for the pennant begin with a break out of a previous resistance to the top of the minor move that begins the pattern. The resulting move applies this distance to the beginning of the breakout of the pattern.
I have marked and color coded two potential areas to take into account when measuring for price targets, and marked volume POI's to justify those as start-points for their measuring.
PT1: 164
PT2: 143
SL: 50 EMA Break-down
Some other things going on that I observe:
SPX, DJIA, IXIC bouncing following minor (representing trend, not magnitude) decline
VIX 200 EMA rejection. Still cemented below 20 for now.
This analysis is for future price implications of ORCL.
I currently hold a position entered on AUG16.
Feel free to reach out for questions, including a review of a textbook pennant.
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