Pennant Bullish Chart Pattern – School
What is the Pennant Bullish?
The Pennant Bullish is a multiple candlestick chart pattern that indicates a continuation of an uptrend in the market. This pattern is called Pennant Bullish as it is in the shape of a pennant.
Pennant Bullish Explained!
The Pennant Bullish chart pattern consists of multiple candlesticks. The first candlestick is bullish and indicates that the market is in an uptrend.
The next few candlesticks are in consolidation, which reveals that the bulls’ pressure on the market has slowed. The final candlestick is bullish and indicates the market is back in an uptrend.
How to the Pattern?
Since this is Bullish pattern we are going to open buy (buy) position. Bottom red is pattern support and upper red is resistance.
Stop loss – should be bellow support level (bottom red doted line)
Open buy position – You should open buy position when price close above pattern resistance level (upper doted red line).
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