Hi
Nice breakout of the pennant today, lets hope it follows through tomorrow and starts creating a new flag pole.
Price Target: The concept behind the flag and pennant patterns is that the momentum seen during the flag pole phase could continue once the pattern completes. Therefore, measure the size of the flag pole, then add that length to the bottom of the flag/pennant for bullish patterns.
Using the formula above from investopedia, would give me a price target of 54.5c on this leg higher.
I had an other look at my GOLD weekly chart today and adjusted my lines a little from yesterdays post. Something to keep an eye on to see if it plays out.
Chart Breakaway gap today :), page-198
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Last
$2.59 |
Change
0.240(10.2%) |
Mkt cap ! $3.564B | |||
| Open | High | Low | Value | Volume |
| $2.51 | $2.60 | $2.48 | $20.56M | 8.065M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 280 | $2.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.59 | 88930 | 2 |
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| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| PRU (ASX) Chart |