THE BULLISH PENNANT FLAG PATTERN
80% chance of breaking out and getting to its target. The flag looks more like a falling wedge on a pole( which is the price move up).
Pennants are the workhorses of the day trader. They perform an invaluable service by marking the midway point in a move. However, if a pennant is not accompanied by a flagpole, then it's not a pennant. Also, performance depends on a strong price trend leading to the pennant.
Volume trend Downward trend 88% of the time. Price needs to break out of the flag and close outside it for a signal to buy in.
The oscilator (STOCHASTIC RSI)is fully oversold. Technicals suggests that all indicators are clear tht price is really oversold and calling for a fast pull back to $380.
BUY: $240(When price break out and closes outside the flag)
STOP LOSS: $202
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.