After revisting the post and moving lower trendline to coincide with tails as opposed to candle bottoms it appears the pattern did not break down and only retested lower trendline, The pattern has now broken out to upside and met R1.
Lower trendline moved to tail bottom kept pattern complete and not broken to downside as prior post stated. Rising pennant has now broken to upside, backtested and moved to R1 . i would expect to gap fill to the 9300 and then break this resistance and make a run to congestion zone of 10000 to 10500. break from there could test upper channel in 12000 range
A move back into pattern and BO is negated for now.
Lower trendline moved to tail bottom kept pattern complete and not broken to downside as prior post stated. Rising pennant has now broken to upside, backtested and moved to R1 . i would expect to gap fill to the 9300 and then break this resistance and make a run to congestion zone of 10000 to 10500. break from there could test upper channel in 12000 range
A move back into pattern and BO is negated for now.
Note
Running into resistance in congestion zone. Stops moved up to recent low 9391 as possible bear flag forms.Note
I would move stops up to 9696Note
move stops to 990020 points from target 1. allow it to run with trailing stops. May want to test target 2
Trade closed: stop reached
.Is forming a continuation pennant. If break upside above 10200 target would be 100 points or so above target 1 on chart 10600. A break of upward tendline would lead to test of red support line 9550 areaNote
Upside to continuation so far. High volume selling resistance in 10100 zone. I would expect price to bounce around channels on its way to 10500 and likely 11000. A break of lower black channel line and probable retest of 9500.
Note
1050 hit exact. Gap up very bullish sign but gapped right into resistance, one could expect pause/pullback here, some consolidation, but swings would lock in profit, and long term prices should not break below 9500 again to remain bullish. I think prices will eventually test trendline around 10800-10900 and then one would reevaluate bias then. I doubt it will break through first time even if they intend to run higher.Note
**EDIT ABOVE - 11050.Exceeded target of 1100 and now has closed back in to channel but reversal on low volume so still bullish trend
Has established new trading channels and swing traders can utilize them for pivot entries, sells and stops. 11000 holding as support for now but prices may want to drop to mid channel . If so and drop is on low volume trades can be taken there with the possible run to 12200- 12600 upper daily channel.
stops at own risk tolerance but i would definitely stop out on break of lower or mid channel of top picture as there is a gap that may want to be filled near 10100 area.
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Note
Prior post with 12200-12600 targets, Bull flag here but drop to lower trend line would be near 10000 and still remain in bullish trend, so one must weigh there downside risk they can stomach if it does drop from here.prior post
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.