Bullish and Bearish Pennant

he Pennant price pattern usually appears at midpoint of the move.

Bullish Pennant
Bullish continuation chart pattern
Follows a sharp upward move
Pennant is a small symmetrical triangle
Flagpole: sharp almost vertical upward move
Price action is within the converging trendlines
Volume is lighter as the pennant takes shape
Breakout occurs on stronger volume
Projected price target: height of the flagpole

Bearish Pennant
Bearish continuation chart pattern
Follows a sharp downward move
Pennant is a small symmetrical triangle
Flagpole:  sharp almost vertical downward move
Price action is within the converging trendlines
Volume is lighter as the pennant takes shape
Breakout occurs on stronger volume
Projected price target: height of the flagpole