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Message: Bullish Pennant within Symmetrical Triangle

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Bullish Pennant within Symmetrical Triangle

posted on Jan 24, 11 10:19AM

Now here's an interesting chart... On the one year chart we have what seems to be an Ascending Triangle if you look at the $0.65 resistance line. On the other hand, it would be a long Symmetrical Triangle with the two pops we're had in the last year. On a shorter term we have a Bullish Pennant forming and had a 5/20 golden cross on Friday. Indicators are below the "I don't know" area but not oversold (they were there about a week ago). I like this chart because there's two formations in play here and they are both bullish.

An entry here at $0.62 could be interesting with a stop at the lower trend line. The idea would be to get a breakout of the Bullish Pennant and see if it continues on and break the Symmetrical Triangle. This would be the first target level and would be around $0.70 for gains of 12.9%. Second target if it breaks the Symmetrical Triangle would be $0.77 for gains of 24.1%.

See chart here http://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=e6fd99c30b#SWY

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