How Do You Interpret Bear Pennant Chart Pattern?

How Do I Read Bear Pennant Chart Pattern?

This bear pennant pattern is found in a downwards trend. The bear pennant chart pattern is a trend continuation pattern where the price retrace slightly with a narrow price action that has a slight upwards tilt. The sell signal is generated when the price penetrates the lower line of the inverted bear pennant pattern. The pennant portion of this bear pennant pattern has xauusd price highs & xauusd price lows which can be connected by small lines that are parallel, giving the bear pennant trading pattern the look of a small channel - inverted pennant.

Analyze Bear Pennant Pattern?

The bear pennant pattern above was just a consolidation period for the gold market trend prior to more selling and resuming of the downwards xauusd trend. The continuation gold trading signal from the bear pennant pattern was confirmed when the lower line of this bear pennant pattern was broken to the downside after which the xauusd trading price moved downwards.

Analyze Bear Pennant Pattern?