This structure formed after a move to the downside.
Pennants tend to narrow at the apex like a rising wedge, except a rising wedge has both trendlines sloping up and this is shaped more like an Ascending Triangle. It could be an ascending triangle but just hard to fathom in this market. Ascending triangles do not usually have a pole but who knows??
This structure may have experienced a break to the upside at an earnings beat, then experienced a throwback and the glory was short lived. The top trendline is resistance until broken.
EPAM is known to be a strong stock as well as a volatile stock as of late. I have my alerts set to text me with a $10 move. The fundamentals are good considering this is a tech stock.
Either way this pattern is neutral until a trendline is broken with a clear trend in that direction.
2 candle support at low of 168.59.
Price is above the 20 daily moving average and the 50. The 100 and the 200 do not look so hot )o: Longer term moving averages are lagging indicators. The shorter term a moving average is, the closer it follows price. The gator is tangling suggesting a move in one direction or the other but this indicator which consists of short term moving averages does not tell you which way price will break )o: Similar in theory with Bollinger bands, as these also signal a break by contracting, but which way price will break is a mystery.
Bearish Harami yesterday with confirmation today making this candle pattern a 3 inside down and occurred at resistance.
No recommendation.
I follow this stock so I will revisit this chart.
Ascending triangle or pennant?? No telling and only time will tell. I guess choice 2 though )o:
When price gapped down a while back, it was obvious to me that playing this stock to the top, or close to the top, of that last red long candle was a good swing trade. So far, price has not surpassed the top of that candle with any momentum behind price it. Market conditions have not helped, but this stock will one day! Just maybe not anytime soon )o:
I realize I am a pattern trader and that I Do look at the market in a "longer term" like way. Charts I post do not always take short term pops in price in to account. So I am probably not a good one to follow if you are a day trader.
I just wanted to clarify that (o:
Pennants tend to narrow at the apex like a rising wedge, except a rising wedge has both trendlines sloping up and this is shaped more like an Ascending Triangle. It could be an ascending triangle but just hard to fathom in this market. Ascending triangles do not usually have a pole but who knows??
This structure may have experienced a break to the upside at an earnings beat, then experienced a throwback and the glory was short lived. The top trendline is resistance until broken.
EPAM is known to be a strong stock as well as a volatile stock as of late. I have my alerts set to text me with a $10 move. The fundamentals are good considering this is a tech stock.
Either way this pattern is neutral until a trendline is broken with a clear trend in that direction.
2 candle support at low of 168.59.
Price is above the 20 daily moving average and the 50. The 100 and the 200 do not look so hot )o: Longer term moving averages are lagging indicators. The shorter term a moving average is, the closer it follows price. The gator is tangling suggesting a move in one direction or the other but this indicator which consists of short term moving averages does not tell you which way price will break )o: Similar in theory with Bollinger bands, as these also signal a break by contracting, but which way price will break is a mystery.
Bearish Harami yesterday with confirmation today making this candle pattern a 3 inside down and occurred at resistance.
No recommendation.
I follow this stock so I will revisit this chart.
Ascending triangle or pennant?? No telling and only time will tell. I guess choice 2 though )o:
When price gapped down a while back, it was obvious to me that playing this stock to the top, or close to the top, of that last red long candle was a good swing trade. So far, price has not surpassed the top of that candle with any momentum behind price it. Market conditions have not helped, but this stock will one day! Just maybe not anytime soon )o:
I realize I am a pattern trader and that I Do look at the market in a "longer term" like way. Charts I post do not always take short term pops in price in to account. So I am probably not a good one to follow if you are a day trader.
I just wanted to clarify that (o:
Comment:
I guess it was an ascending triangle..LOL!