TeslaLong
#4 Bull Flag
Updated
Next in the series of Bull Patterns is the Bull Flag.
The bull flag is usually the result of a strong up trend followed by consolidation of price that can lead to a continuation of the bullish up trend.
The three main traits of a bull flag are:
A) Pole - Rise in Price
B) Flag - Consolidation Channel
C) Breakout - Measured by Flag Pole, Confirmed with Volume
Further confirmation should be used to confirm the breakout.
A) look for a retest within a few sessions.
B) volume to confirm breakout.
Other confirmations a breakout is imminent could be:
1. Breakout level returning to past levels.
2. TSLA Stock split are extremely bullish (august 24).
3. Wider Market Trend is shifting bullish.
4. Elon indicating inflation is cooling.
For more in my bull pattern series, checkout #1 Double Bottom
The bull flag is usually the result of a strong up trend followed by consolidation of price that can lead to a continuation of the bullish up trend.
The three main traits of a bull flag are:
A) Pole - Rise in Price
B) Flag - Consolidation Channel
C) Breakout - Measured by Flag Pole, Confirmed with Volume
Further confirmation should be used to confirm the breakout.
A) look for a retest within a few sessions.
B) volume to confirm breakout.
Other confirmations a breakout is imminent could be:
1. Breakout level returning to past levels.
2. TSLA Stock split are extremely bullish (august 24).
3. Wider Market Trend is shifting bullish.
4. Elon indicating inflation is cooling.
For more in my bull pattern series, checkout #1 Double Bottom
Note
First breakout attempt in progress. TSLA hasn't spent much time above 927. holding this level overnight I would expect a visit up to 1k this week. The other scenario is a sell off to retest the breakout up to ~1050 by the split.Note
Bull flag running closed at the top of the flag today.A good example of a bull flag for intraday was on full display on SPY. By 11am the flag had formed and target was set. The day closed on the bull flag target exactly.
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