PCAR Pennant

PCAR is forming a pennant, there is an open gap above but I don't think that guarantees that this breaks upwards. I also have a bias towards pennant being a continuation pattern, not a reversal.

Either way, I think it whipsaws at least a couple more days.

Note: This is an hourly chart so indicators aren;t very meaningful unless you are day trading.

Comment:

Daily chart pattern looks just like last May, which showed a fake reversal the day after a big drop. Gonna wait until Thus afternoon to see where we are at.

This morning's "gap" was dividend payout so probably doesn't matter.

Comment:

I think it's just backtesting the pennant. Did not go long today