Pennant

This continuation chartist figure looks a lot like the symmetrical triangle but its characteristics are different.
This chartist figure generally appears following a sudden upward or downward movement. The lifespan of a flag is short depending on the timeframe.
The direction of exit of a pennant figure depends on the movement which preceded it. The formation of the flag can therefore occur in an upward or downward trend.
The target price of a flag is calculated in relation to the trend that preceded its formation. Usually traders report the full height of the move leading up to the formation of the flag to the last low/high point in the pattern.

Notes and Statistics: #

• In 75% of the cases, the pennant is released in the same direction as the movement preceding its formation.
• In 55% of the cases, the price target for the pennant figure is achieved.
• In 16% of the cases, the price pulls back on the pennant after leaving.