Candlestick Patterns: The Pennant


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Technical analysis is used to identify patterns, trends, areas of support/resistance, and has many other objectives.


One type of triangle pattern, the pennant, is a pattern that all traders should be able to spot and identify when analyzing candlestick charts. Typically, for the pennant to form, the price of a stock (also can be used to trade commodities, forex, etc) will dramatically increase and then begin to sell off. After the dramatic move up, a high will be made and once the sell occurs the low will be made. Using the high and low of the price move traders can begin to identify how the pennant is shaping. When the price moves in the pennants range in consolidation it'll eventually come to the end of the pennant and make a dramatic move up, or down.


I did the research. You just have to listen.


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