The bullish pennant is a continuation pattern in technical analysis that typically forms after a strong upward price movement. It is characterized by converging trendlines that resemble a small symmetrical triangle or a flag, with the flagpole representing the prior price move. Confirmed when the price breaks above the upper trendline of the pennant. The potential price target is estimated by measuring the height of the preceding flagpole and projecting it upward from the breakout point (shown on chart). Traders interpret the bullish pennant as a signal to enter long positions, anticipating a continuation of the prior uptrend. Confirmatory indicators and risk management are essential for informed trading decisions.
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