What's Bull Pennant Chart Pattern?
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This Bull Pennant patterns charts guide explains how to identify stock indices patterns - identifying stock indices chart patterns is the first step when it comes to learning how to trade with Bull Pennant stock indices chart patterns in Indices.
Bull Pennant stock indices trading price patterns commonly form on Indices charts and this stock indices chart pattern analysis guide explains how to trade & analyze indices charts using Bull Pennant stock indices trading patterns.
Bull Pennant Chart Pattern
This Bull Pennant stock indices chart pattern forms what looks like a rectangle. The rectangle is formed by two parallel lines that act as support and resistance for the stock indices trading price until the stock indices price breaks out. In general, the Bull Pennant stock indices trading chart pattern will not be perfectly flat but it will be sloping.
The Bull Pennant stock indices chart pattern is found within a Indices upwards trend. In this Bull Pennant stock indices chart pattern is a continuation pattern where the stock indices trading market retraces slightly, it's therefore a slight retracement with narrow stock indices trading price action which has a slight downward tilt. The technical buy point is when stock indices trading price penetrates the upper line of the Bull Pennant stock indices chart pattern. Flag portion has highs & lows which can be connected by small lines which are parallel, giving it what looks like a small channel.
The Bull Pennant stock indices pattern occurs at halfway point of a bullish upward indices trend and after a break out a similar move equal to the height of the flagpole is expected.
What is Bull Pennant Chart Pattern?
The Bull Pennant stock indices pattern above was just a resting period as the stock indices trading market gathered strength to break out & move higher. The Bull Pennant stock indices chart pattern indices trading continuation signal was confirmed as upper line was broken to the upside.
