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Pennantbreakout

BALKRISIND - Pennant Breakout: A Promising Signal for Traders📝 In this educational technical analysis, I would like to discuss BALKRISIND. Understanding key technical terms and patterns, such as pennants and ascending triangles, can help new traders identify potential trade setups. Remember, I am not a SEBI registered analyst, and this analysis is solely for educational purposes. BALKRISIND experienced a bull run from March 2020, starting at 650 INR and peaking at 2075 INR in September 2021. This move represents an impressive 314% increase. After the bull run, a pennant pattern formed. Pennant patterns typically occur after a strong price movement and signify a brief consolidation before the trend resumes. Pennant Breakout and Retest: 📈 On May 23, 2023, BALKRISIND witnessed a pennant breakout with good volume. However, what followed was an interesting development—a retest of the breakout level with strong volume. Retests are not commonly observed after pennant breakouts. Moreover, during this retest, an ascending triangle pattern formed on the 30-minute time frame, indicating a potential trend continuation. 🔎 Technical Term Explanation: Pennant Pattern : A pennant pattern is a continuation pattern that occurs after a strong price movement. It is characterized by converging trendlines, resembling a small symmetrical triangle, and represents a temporary pause before the trend continues. Ascending Triangle Pattern : An ascending triangle pattern is a bullish continuation pattern formed by a horizontal resistance line and an upward sloping support line. It suggests an ongoing uptrend and often leads to further price advances. Potential Trade Opportunity: 🎯 Traders can plan their entry upon the breakout of the ascending triangle pattern, as it indicates a high probability of trend continuation to the upside. Monitoring the price action and volume closely during the breakout will help confirm the strength of the upward move. Conclusion: I appreciate your support and encourage you to like this analysis if you found it helpful. Feel free to share your observations and comments. Your feedback keeps me motivated to consistently provide valuable insights. If you want to stay updated with more technical analysis articles and trade setups, follow me on TradingView through the link: in.tradingview.com 💪 Remember, successful trading requires continuous learning and adapting to market conditions. As the saying goes, "The only way to do great work is to love what you do." Keep exploring and growing in the exciting world of trading! Happy trading! 📈💰
NSE:BALKRISINDLong
by AfnanTAjuddin
Gold AnalysisMy Analysis on Gold: 1) Reach a monthly high 2) Retraced on a FIB ratio between 50% and 61.8% 3) Had a breakout from a bullish pennant and also made a retracement NB: These confirms our bullish sentiment on Gold. FOR ENTRY: AN AGGRESSIVE TRADER can enter with a good candle pattern from a lower timeframe (1H, 4H) and volume confirmation. A CONSERVATIVE TRADER Can wait for a breakout from the resistance zone with a high volume confirmation before entry in a lower timeframe (1H, 4H).
PEPPERSTONE:XAUUSDLong
by chisommarvell
UBER Bullish Pennants for ContinuationUBER on the 15-minute chart this week has printed a small bullish pennant pattern then continued into another larger print of the same pattern. The Price Volume Trend Oscillator went red to green as the initiation of this trend over the past two days. Trading volumes have pushed prices and are in the range of double the moving average. The zero-lag MACD indicator shows a pattern of bullish momentum in the mornings followed by fades at lunch and afternoons. I believe that this 5-6% trend up has another 1-2 days to go before a profit-taking session to close out the trading week.
NYSE:UBERLong
by AwesomeAvani
🚀EURUSD finally broke the pennant! HUGE BUY OPPORTUNITY📈The bullish setup on EUR/USD is gaining momentum as price consolidates within a massive bullish pennant formation over the past three weeks. With the breakout now confirmed, a strong upward impulse is expected to continue the prevailing trend. This presents an optimal entry opportunity to go long on the pair. Traders can set their sights on multiple take profit levels based on technical analysis: the first take profit target is set at 1.09750, followed by 1.10600, and the ultimate target is located at 1.11400. Join the bullish ride and seize the potential for profits in this exciting setup! 🌟💹 Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🚀💪
Long
by Thomas_Zito
33
EURJPY POTENTIAL PROGRESS FORMATION IN PROGRESSWe can see that the pair has turned bullish after a short correction. We have also identified certain patterns which further support our bullish basis. These have been listed below: 1: The pair is in a strong uptrend as the price is making new highs 2: Trendline breakout 3: Pennant pattern breakout We will wait for the price to correct on the lower time frames after the trendline breakout then only can we start to look for reasons to enter long. We do not take trades with less than 1 to 3 risk rewards. If we get stopped out , we follow our trading plan as we wait for a new setup to form. We only take one entry per setup and do re-enter when stopped out as we see this as revenge/over-trading.
Long
by NDOBObanks
$XRP Bullish Pennant Breakout?Ripple CRYPTOCAP:XRP has been in the news again in regards to their ongoing court case with the SEC. Rumors of a positive verdict are circulating, which typically creates bullish sentiment for price action- but Ripple has been in this situation several times over this long litigation. So what does the chart say? The white trend lines show a pennant formation on the daily time frame that has been in progress for over 2 months. One thing we teach our course takers is to pay attention to is how many attempts were made to break either trend line. With that in mind, the upper trend line has been touched many more times than the lower trend line, which could produce a bullish break out. But what does the TBO show? The TBO stands for Trending Break-out, and is our favorite indicator for gauging the strength of a trend, as well as identifying when a break-out might happen next. When we look at the TBO alone, we can clearly see that the trend is bullish since the lowest line, the TBO Slow Line, is angled up and moving up. TBO Resistance (the dotted green lines at the bottom of the chart) has moved up to 0.4157, which confirms that support has been moved higher- a bullish sign. Things that make us concerned when we look at the TBO are the fact that the price of XRP is inside the TBO Cloud, similar to what the Ichimoku Cloud means in terms of confirming consolidation. While the TBO Fast Line is pink (confirming the previous TBO Open Short symbol on May 8th), which should be a bearish indication for the trend, the fact that XRP is currently above the TBO Fast Line is a good sign of a change from bearish sentiment to bullish sentiment. The final thing we will leave you with are words of wisdom from long ago: Buy the rumors and sell the news. However, a break above this long-term white overhead trend line would be very big for XRP, allowing it to move up to 0.50 or higher very quickly.
Long
by thebettertraders
2
VETUSDT is creating a pennantVETUSDT is currently forming a pennant pattern on the chart, which is a continuation pattern that typically occurs after a strong price move. The formation of a pennant pattern suggests that there is a potential for a continuation of the previous uptrend. However, for the uptrend to continue, the price of VETUSDT needs to hold the support level at the 0.022$ area, where the price has already established liquidity. If the price breaks below this support level and retests it as new resistance, according to Plancton's Rules, new short positions may be considered. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
4
ENJUSDT is creating a new pennantENJUSDT is showing signs of potential weakness. The market has created a pennant formation after a clear bearish move, indicating a temporary pause in the trend before a potential continuation in the direction of the prior move. Currently, the market is in a consolidation phase after a clear bounce on the daily support. If the price creates a bullish impulse and retests the 0.46$ area and creates another bearish impulse, the target could be the 0.34$ area. According to Plancton's Rules, if the price loses the 0.39$ area, a new short position may be possible. This is because the breakdown from the support level indicates that the bears have gained control, and there is potential for the price to continue moving lower. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
$STX - Bullish Pennant Breakout Entry$STX is in news after publication by LunarCrush. On Daily and Weekly it's showing a heavily bullish sign, this is 4h timeframe and it did a breakout from pennant which is ascending means forming HL but also LH. I have kept two targets, first target is a resistance on Daily and second target is a Weekly resistance. You can either enter if price comes back for a retest at breakout level or you can take entry at any level in between, but I technically believe that bullish momentum is strong and price might not come back for a retest. Plan your trade and DYOR.
Long
by Dkhantastic
IOTAUSDT needs more Liquidity?IOTAUSDThad a false breakout from its daily resistance level and is currently consolidating below it. The market is creating a pennant, which is a common technical chart pattern that can indicate a potential continuation or reversal of the current trend. Traders who follow technical analysis may be watching for a breakout from the pennant pattern to signal the direction of the next price move. However, it is important to note that false breakouts can occur and may lead to significant losses if traders are not careful. In addition, traders should also be aware of the potential for a false breakout on the previous support level. If the price breaks below the support level but quickly rebounds back above it, this could be a false breakout and may lead to further consolidation or a potential reversal of the current trend. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
GRTUSDT is inside a PennantGRTUSDT is creating a pennant below the 4-hour resistance level, following a previous bull run. A pennant is a technical chart pattern that is formed when the price moves within converging trendlines, forming a symmetrical triangle shape. The pattern is characterized by a sharp price move in either direction, followed by a consolidation phase where the price forms lower highs and higher lows. The pennant pattern typically indicates a continuation of the previous trend, which in this case was a bullish trend. In this scenario, the market is consolidating after a strong bullish run, which could indicate that the market is gathering new liquidity. The previous support level at the 0.15$ area could act as a source of liquidity, as traders who missed the previous bull run may be looking to buy at a lower price. To apply Plancton's Rules in this scenario, traders should wait for the breakout from the current resistance level to be confirmed before opening a new long position. This means waiting for the price to break through the upper trendline of the pennant and establish new support. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
ETHUSDT wants the breakout?As per the previous idea, ETHUSDT had a nice impulse, indicating a potential uptrend in the market. Currently, the price is creating a pennant on a weekly key level, which is a significant level for traders to watch out for. A pennant is a technical chart pattern that is formed when there is a sharp price movement, followed by a consolidation phase and then a continuation of the initial price trend. The pennant looks like a triangle, where the price moves in a narrowing range, forming the shape of a flag or a pennant. In this case, we can see that the price of ETHUSDT is forming a pennant on a weekly key level, which indicates a potential continuation of the uptrend. Traders often look for pennants as a potential buying opportunity, as it may lead to a sharp price movement in the direction of the initial trend. As we can see from the chart, the price of ETHUSDT has grabbed liquidity from the 1500$ area, indicating a strong buying interest in the market. Now, we are waiting for the next distribution, which may lead to a potential breakout of the pennant pattern. If the price breaks out of the pennant pattern with a significant volume and then retests the same level, it may indicate a potential buying opportunity, according to Plancton's rules. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
14
MATICUSDT is testing the weekly resistanceRecently, it has seen an influx of liquidity from the 0.8122 demand area, which has led to a breakout above resistance levels. This has created a bullish pennant pattern below the weekly resistance level, indicating a potential for further upward price movement in the near future. The liquidity at the 0.8122 area has provided support for the price and helped to push it above resistance levels. This breakout has created an opportunity for our students to enter the market at a favorable price point and potentially capitalize on further upward price movement. The pennant pattern that has formed below the weekly resistance level is a continuation pattern that is formed when the price consolidates after a strong move. This pattern is often seen as a bullish sign, indicating that the market is likely to continue moving in the same direction as the prior trend. Overall, the recent developments in the MATICUSDT market suggest that it has strong potential for upward price movement in the near future, so 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. ⚫️ black structure -> <= 1h structure. ––––– Follow the Shrimp 🦐
MLong
by InkyGrip
21