Trend:
Bullish pennants are usually a chart pattern that signals breakouts to the upside in a bullish market. The price action typically trades sideways inside the channel until it breaks out of the channel. As the pattern is forming on the one hour chart, we can expect to see some sideways trading until the breakout.
Indicators:
The price touched the 50% level on the fib level chart and bounced back to the 38% level showing strong support at the moment.
The SSL Hybrid indicator shows a red line and red candles indicating momentum still being bearish.
The STC indicator shows that the momentum is bullish but is nearing overbought zones.
The Didi indicator supports the idea of the bearish momentum coming to an end and reversing into bullish momentum,
Thoughts:
The bullish pennant pattern will be fully formed soon, and if markets are positive, we should see another breakout!
Bullish pennants are usually a chart pattern that signals breakouts to the upside in a bullish market. The price action typically trades sideways inside the channel until it breaks out of the channel. As the pattern is forming on the one hour chart, we can expect to see some sideways trading until the breakout.
Indicators:
The price touched the 50% level on the fib level chart and bounced back to the 38% level showing strong support at the moment.
The SSL Hybrid indicator shows a red line and red candles indicating momentum still being bearish.
The STC indicator shows that the momentum is bullish but is nearing overbought zones.
The Didi indicator supports the idea of the bearish momentum coming to an end and reversing into bullish momentum,
Thoughts:
The bullish pennant pattern will be fully formed soon, and if markets are positive, we should see another breakout!