Replies to post #111 on jrod

[Relentless Despot]

The white dotted line was a descending resistance line.
This was the upper line in the pennant GZFX formed.
Pennants are essentially triangular price formations, they usually indicate a continuation of the current trend.
(The current trend is up)
I find that the more fluid the formation the better the chances of a continuation.
I also find that two pennants in a row is as much as a stock can handle.
Often the third pennant is a reversal indicator.
TSCM is an example of this.
Some of my lates pennant picks were TSCM at five bux, TRE at two thirty, ADST... while ago I forget the price.

[jrod]

Another chartist had pointed out that this pattern was a pennant continuation pattern so I drew this in my chart.