How Do I Interpret Bear Pennant Chart Pattern?

How Do I Read Bear Pennant Chart Pattern?

This bear pennant chart pattern is found in a downward 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 upward tilt. The sell signal is generated when the price penetrates the lower line of the inverted bear pennant chart pattern. The pennant portion of this bear pennant chart pattern has xauusd price highs and 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.

Interpret Bear Pennant Chart Pattern?

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

Interpret Bear Pennant Chart Pattern?