The price is likely to drift back to the 1100 area. Timing the market is impossible, so keep adding at every opportunity if you're a longer term swing holder like me. This chart must hold above the 1500 level to bring interest back. Thanks for your comments and further insights.
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The bull pennant is a bullish continuation pattern that signals the extension of the uptrend after the period of consolidation is over. Unlike the flag where the price action consolidates within the two parallel lines, the pennant uses two converging lines for consolidation until the breakout occurs. Pennants share the same weakness with flags, as a prolonged consolidation phase can result in a reversal pattern. For this reason, it is important not to enter the trade before the breakout occurs and to always consult other technical indicators in confirming the breakout.
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The bull pennant is a bullish continuation pattern that signals the extension of the uptrend after the period of consolidation is over. Unlike the flag where the price action consolidates within the two parallel lines, the pennant uses two converging lines for consolidation until the breakout occurs. Pennants share the same weakness with flags, as a prolonged consolidation phase can result in a reversal pattern. For this reason, it is important not to enter the trade before the breakout occurs and to always consult other technical indicators in confirming the breakout.
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