As the chart stands and speak, THE BULLISH PENNANT FLAG PATTERN

A flag or pennant pattern forms when the price rallies sharply, then moves sideways or slightly to the downside. This sideways movement typically takes the form or a rectangle (flag) or a small triangle (pennant), hence their names. Draw trendline along the highs and lows of the sideways price action. The sharp price rise preceding the flag or pennant is called the flag pole.

Oscilator also showing fully oversold and waiting to breakout. Volume too has greatly decreased.

TECHNICALS suggests that price will likely range inside the flag before breaking out and will consolidtate at 0.786fib retracement level and will most likely hit a high of fib extension of 1.272 and 1.414.respectively.


Disclaimer: The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.



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