I normally don’t put too much faith in 4 hour timeframe chart patterns, however should this 4 hour chart bull pennant hold up the bullish breakout target is around $1.10 . As of now it does look like it’s about to break upward, however being a smaller time frame like the 4hr chart there is still a chance this could be a fakeout and the real chart pattern is much bigger and needs to be charted on a higher timeframe. For now at least this looks good. *not financial advice*
Comment:
As with all bullish pennants, there is always a chance we could hit only the target of the triangle itself and not the full pennant. In this scenario, the symmetrical triangle itself has a breakout target around 95 cents, so there’s a chance after reaching that it could reverse before hitting $1.10. I think probability currently favors it hitting both though but best to stay vigilant.
Comment:
There is also a 1hr inv h&s pattern inside the symmetrical triangle…it’s breakout target is 88.5 cents.
Comment:
As with most 4hr time frame patterns…this pennant is actually a much bigger, 1day time frame pennant.