Bullish Pennant on FKLI
Updated
Bullish pennants are continuation chart patterns formed after strong moves and appear in a bullish market. Just like its name suggests, it signals that bulls (buy side) are about to go a-chargin’ again. Because of this, the price usually consolidates and forms a tiny symmetrical triangle, which is called a pennant. The sharp climb in price would resume after that brief period of consolidation when bulls gather enough energy to take the price higher again.
outlook: the price will made another strong move upwards after the breakout.
Entry order and position to take
Long order (buy) above the pennant
Profit target
can be set above the breakout of the pennant based on the size of the first flagpole at the beginning of the formation.
Protective Stop loss
At the bottom of the pennant
outlook: the price will made another strong move upwards after the breakout.
Entry order and position to take
Long order (buy) above the pennant
Profit target
can be set above the breakout of the pennant based on the size of the first flagpole at the beginning of the formation.
Protective Stop loss
At the bottom of the pennant
Note
Error on the Calculation for P/L on the Buy price. The update is as follows:Current market price @1546.5
Buy Order @1600
Target Profit @1641
Calculate Profit/Loss Margin = (Sell Price - Buy Price) ÷ Buy Price x 100
= (1641 - 1600) ÷ 1600 × 100
= 2.56%
Stop loss 1500
= (1500 - 1600) ÷ 1600 × 100
= -6.25%
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