ORCL Textbook Bull Pennant Coincident With Index Support Catch
ORCL Upside break-out of a Descending Pennant.
Some things to note:
Measuring Implications for the pennant begin with a break out of a previous resistance to the top of the minor move that begins the pattern. The resulting move applies this distance to the beginning of the breakout of the pattern.
I have marked and color coded two potential areas to take into account when measuring for price targets, and marked volume POI's to justify those as start-points for their measuring.
PT1: 164
PT2: 143
SL: 50 EMA Break-down
Some other things going on that I observe:
This analysis is for future price implications of ORCL.
I currently hold a position entered on AUG16.
Feel free to reach out for questions, including a review of a textbook pennant.
Manage Risk
Only invest what you are willing to lose
I warrant that the information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
Some things to note:
- Hold of 50 EMA within the pattern
- High volume entry into the pattern with descending volume throughout
- Notable pickup in activity on the upside break
- MACD Cross coinciding with break
- Throwback following the upside break that tracks along the upper bound of the pattern and is halted at the 50 EMA
Measuring Implications for the pennant begin with a break out of a previous resistance to the top of the minor move that begins the pattern. The resulting move applies this distance to the beginning of the breakout of the pattern.
I have marked and color coded two potential areas to take into account when measuring for price targets, and marked volume POI's to justify those as start-points for their measuring.
PT1: 164
PT2: 143
SL: 50 EMA Break-down
Some other things going on that I observe:
- SPX, DJIA, IXIC bouncing following minor (representing trend, not magnitude) decline
- VIX 200 EMA rejection. Still cemented below 20 for now.
This analysis is for future price implications of ORCL.
I currently hold a position entered on AUG16.
Feel free to reach out for questions, including a review of a textbook pennant.
Manage Risk
Only invest what you are willing to lose
I warrant that the information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
Trade closed: stop reached:
Closed out today