Large movement in ZIOP followed by a consolidation period with converging trendlines creating a pennant. Considering how bullish ZIOP has been, suggests a breakout movement and an opportunity to buy before the breakout.
after a bearish pennant, this pair broke out in response to the huge QE announcement. Since its release EUR/JPY has been respecting a steep channel, kissing low MA to meet these fast moving conditions. The dark cloud cover w/ assistance from the 12EMA gave me the confirmation to short w/ my TP at 131.033 (OLD level of interest on the Daily) Have now moved my stop...
A hot momentum stock, is showing a short term pennant breakout opportunity. We are at a nice buying point right now (the .786). The pattern may flounder but the upside targets (provided by Fibonacci analysis):
T1: 736.51
T2: 747.38
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I've never traded a Bullish Penant before, but I think this is one because we had a sharp climb in price followed by consolidation with slightly lower highs and higher lows.
To trade this, place a place a limit order right above the penant (maybe 186.083?) and once you're filled place a stop below the most recent low in the penant. To estimate where we're headed...
ERBB is in a consolidation pattern.
The ideal place for a pattern to break out is at 60-75% completion, so decision time is upon us.
WIth all the voting over marijuana it will be interesting to see how American green reacts.
I think bulls are seeing a large pennant, thinking that $470 will provide support along the lower trend line of the pennant. There is a possibility it might too.
I'm inclined to think that it will not hold though. If this is a pennant, there is very little time and range to play around in, so it should break soon. The indicators that I use are all showing this...
The idea here isn't very difficult to understand. DAL has made a run up from $35.51 on August 8th, where we saw a bounce off the 150EMA, a personal favorite area to get long for me, especially looking at the weekly chart for this. Anyways, from the top down:
1) Bullish RSI Holding 60 Support
2) Established Uptrend - Long Term
3) Bounce off 150 EMA
4) Long $4.46...
Although at the time of making these annotations MNKD is gapping-up in the premarket, the fact of the matter is this chart has been in a nasty downtrend and has formed a Bear Pennant Pattern. If it does gain any upside strength, the true test will come if the price can make it up to the pivotal $8 level. Until any multi-day closes above $8, I will remain bearish.
During the last weeks Bitcoin formed a big pennant from the beginning of June until now.
After two weeks of large movement (20 may until 3 Juni) followed by a consolidation period of four months we note converging trend lines. The pennant that's formed is often followed by a breakout movement in the same direction as the initial large movement. It's the second...
The break happened last week and this week can be confirmed, they offer a good risk/reward ratio.
The MACD divergence and RSI indicators are also bullish
