Bullish Pennant
A Bullish Pennant is a bullish continuation pattern that usually follows a large run up in price. After a brief price consolidation in the pennant, prices generally continue in the same direction as the prior trend.
A Bullish Pennant can be identified a long green candlestick that resembles a flagpole, and a pennant that is identified by two converging trend lines that form a symmetrical triangle.
Measuring the move: Add the vertical distance of the flagpole (A) to the breakout and this would give you an approximate price target (B) for the next run up in price.
Trading the pattern: Traders should be watching the upper trend line of the pattern. A bullish entry signal is when price pierces through the upper trend line.
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