Oil attempted to reject the Pennant yestarday, but withdrew to around its EMAs, which it has failed to breach. Breaching its EMAs will send it back to the upper side of the Pennant, with 46.27 as an objective. Failing to cut through its EMAs, will prove that the rejection scenario is valid, and will send Oil south to 40.26, with 42.71 as a primary objective. ...
Crude failed to breach the top of the pennant today, and went south back to the Orange Trend line. Low volumes were a clear sign that Oil won't breakout the Pennant. Breaching the Orange trend line will lead to the rejection of the pennant, with 40.26 as an objective, and 42.71 as a primary objective. The commodity will find resistance around its EMAs....
Crude Oil ended another day consolidating in the pennant formed by the Blue trend line and the Orange trend line. Crude's found buying pressure around its EMAs, closing near its blue trend line. Opening above 46.94 wouldl accelerate the breakout scenario. Opening below 46.57 would suggest a movement towards the Orange trend, and a re-test of its EMAs. If a...
USDJPY consolidates after a strengthening in the yen following a risk off environment two weeks prior. Pennant forming might point to further strengthening of the yen in days to come. Looking out for breaks below the trend line for confirmation of direction.
The Crude is currently in a pennant, with 51.54 as an objective, and 50.14 as a primary objective. It was trading near its low border with a valid evening star. Should the pattern lead to a breakout through the orange trend line, the pennant will be rejected, and the Crude Oil will enter a bearish market with 40.26 as an objective, and 42.71 as a primary...
SPX daily chart is showing a bear pennant chart pattern. These tend to resolve to the downside, breaking support. However, anything can happen given other major factors like CHINA, and the FED. Short term swing trading can work until the markets break up or down.
Stop just below support. First target with a risk/reward 2.15. Second target at 100 DMA.
Hello Traders, Here we have a VALID BEARISH PENNANT formed on FX:EURUSD . This type of pattern is usually formed after a strong selloff, where after the strong bearish move, some sellers are taking profits while others are joining with the downside move. This eventually leads to a consolidation that is presented in the form of a BEARISH PENNANT . Do keep in...
Looks ready to break out of its bullish Pennant Consolidation over $9.70. Very Strong Ichimoku Buy signal. Held and Bouncing off of cloud support after during turmoil. Setting up for a bullish MACD cross as well with VERY high Short interest over 34% with 16 days to cover. Recent ActivistHedge Fund position and Big Buy Back announced last qtr. Potential takeover...
This pennant seems to be close to definition. If we break above 288 I wouldn't be surprised we would go up to 300. Yesterday when we were close to the lower support, it bounced up, so it looks quite positive.
On the 15M TF, there is a bull pennant forming and a potential Wolfe Wave within it. I'm pointing this out using these 2 patterns in support of my LONG trade idea with the bullish crab that was completed 3 days ago. Prices are now moving in the direction of hitting the take profit levels of that bullish crab. See below Related Ideas section "UPDATE #2: AUDUSD:...
Excuse the purple background. That's the big bear crab I have on the DAILY TF showing. Again, tech guys, the visibility options are not working on posts! In a previous post on this pair (see Related Ideas section to find it), I had completely called the price action correctly.....except I didn't! I goofed in trying to call for a retracement waaaayyy too early...
EDIT: I used the wrong TF in the main chart disply in this post. I corrected this and reposted. Up and down. Up and down. Seems the market is as confused as you are lately, right? Not surprising given all the conflicting views both technical and fundamental that everyone has. Well, let my analysis try to shed some light on what's going on and what may happen...
Updating my post on this last week on the bullish crab long scenario, with the Greek referendum over and the subsequent volatility and gap downs, the market failed to take out the crab pattern and this is still a valid pattern. In my analysis, I detailed the case for a long on this pair with another possible leg up left to go on the bearish flag pattern seen on...
We have seen this time and time again, the USDJPY blasts off bullish, consolidates in the form of a pennant, and proceeds to shoot even higher. I don't have any reason to believe this time will be any different. This pennant is reaching a nexus point and price action is coiling and tightening up to the point it's begging to spring. But having built a case for...