Profound Medical which is a Canadian company traded on the Toronto Stock Exchange under the symbol PRN or PRFMF on the US exchange, has provided a nice Bullish
Pennant/Flag formation. The pennant
formation has formed over the last two months and broke out this morning on heavy volume
in reaction to its Phase 3 prostate cancer trials. Bullish pennants
usually require heavy volume
on the breakout, which we are seeing today. In addition, the price target for bullish pennants
are usually established by the flag poles height, which in this case would put the expected price target just under $1.25.