Following the completion of a bullish pennant pattern, taken from 19,977 and 19,472, the Nasdaq 100 ended Wednesday’s session refreshing record highs of 20,186. Bullish pennant patterns CAN form in the direction of the underlying trend in strong upward markets (this is not a rising wedge as these are typically longer-term structures).
While a retest of the recently breached upper boundary could be seen (arrows), the current pattern formation and the underlying strength of the trend in this market suggest further buying could take place towards the bullish pennant pattern’s profit objective at 20,558.
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