Peaks are getting lower while troughs are getting higher in the duration of 5 days. You won't get a more obvious pennant than this.
Now what makes this pennant bullish?
Well if we look at the Weekly log scale, we can see a clear case of a cup and handle, and we're almost done with the handle :)
If we look at the same chart, we can see it broke a 5 year long trend line that has been perfectly touched COUNTLESS times by the weekly candle at close.
Now what makes this "trend reversal not just another exhaustion like the previous one? Because the volume is INSANE with how little the price is moving right now. This trend GOT JUICE.
So now do you understand why this simple pennant is so bullish? It's the culmination of so many bullish signals that makes this consolidation pattern so potent.
As with all technical analysis there are no certainties, only probabilities. So don't go above your personal risk limit 📉.
Anyways have fun trading, bye :)
Now what makes this pennant bullish?
Well if we look at the Weekly log scale, we can see a clear case of a cup and handle, and we're almost done with the handle :)
So now do you understand why this simple pennant is so bullish? It's the culmination of so many bullish signals that makes this consolidation pattern so potent.
As with all technical analysis there are no certainties, only probabilities. So don't go above your personal risk limit 📉.
Anyways have fun trading, bye :)