Bearish Pennant
EURCAD BEARISH PENNANT ON H1EURCAD is in a bearish pennant on h1 so i am looking for a break on the downside to enter a short position.
EURUSD: BEARISH PENNANT FORMATION ON 4 HR !!!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 mind that this is a CONTINUATION PATTERN and therefore we expect further downside move AFTER getting a valid breakout.
NOTE #1: If we get a break and close above 61.8% Fib level for XA leg, than that would be the 1st signal for this patterns invalidation. The 2nd or the main signal would be a break and close above the X point of the pennant. Also a break and close above 50 MA would add extra confirmation to the patterns invalidation.
NOTE #2: A breakout to the downside would be MORE favourable if we get a break and close below the 61.8% Fib level for BC leg. That would confirm a further expected downside move, potentially up to the target.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
AUDCAD: Bearish pennant forming on 4h chartAfter a sharp drop/ downtrend of AUDCAD a bearish pennant has formed on 4h chart.
The price is consolidating before I believe it will breakout on Monday morning and test the daily resistance from December at about 0.94. I believe this will be broken and price to continue the weekly/ monthly downtrend that is forming and looking at the current forecast for the AUD, I believe price could continue to drop to support at 0.924; a low that hasn't been reached since the Summer of 2013.
All comments are welcome as I'm fairly new to this and I only aim to improve my forex skills. Let me know what you think.
GOOGL Bear Pennant FormationAfter forming a triple top at the upper trendline GOOGL went on a quick move to the downside and could now be consolidating before a further move. With the divergences present and candlesticks showing high amounts of selling pressure its possible that it will continue to the downside. The lower horizontal lines are levels of support to keep and eye out for or possibly take some profits.
If it does form a pattern similar to what I have outlined then the profit target could be determined by the height of the pole portion of the pattern. It just depends on how everything plays out. I'll be keeping an eye on this one and updating it as it plays out.
TWTR Lower Trendline BreakLast one for the evening. It looks like TWTR is breaking its lower trendline on the ascending triangle pattern it was putting in. The small wick at the top of today's candle stick could have been a backtest of the trendline and appears to be forming a bear pennant formation in the short term. Will be waiting for confirmation that it is going to continue to the downside. If a trade is taken on the short side be cautious of the major support at 36 and watch for signs of slowing momentum to the downside after such a large move.
$MNKD Current Technical Pattern Along with Support & ResistanceAlthough at the time of making these annotations MNKD is gapping-up in the premarket, the fact of the matter is this chart has been in a nasty downtrend and has formed a Bear Pennant Pattern. If it does gain any upside strength, the true test will come if the price can make it up to the pivotal $8 level. Until any multi-day closes above $8, I will remain bearish.
