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📊 Price Action·intermediate

Pennant

A short-term continuation pattern where price consolidates in a small symmetrical triangle after a strong move — like a flag but pointier.

A pennant looks like a small symmetrical triangle attached to a flagpole. After a sharp move (up or down), price consolidates with converging trendlines — lower highs AND higher lows — for a short period. Then it breaks out in the direction of the original move. Pennants are basically very short symmetrical triangles that follow strong momentum. The difference between a flag and a pennant is the shape of the consolidation. Flags have parallel trendlines (a tight channel). Pennants have converging trendlines (a small triangle). The interpretation is the same: a brief pause before the trend resumes. Measured target: length of the pole projected from the breakout in the direction of the trend. Pennants typically resolve faster than triangles because the move is already underway.

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Real trade example

Gold printed a 1-hour pennant in March 2024 right after a fast $40 rally, consolidating for two hours before breaking out and adding another $35 in a single session.

Frequently asked about pennant

What is a pennant in trading?+
A short-term continuation pattern where price consolidates in a small symmetrical triangle after a strong move — like a flag but pointier.
When will I see pennant used in real trading?+
Right after a fast directional move, especially on intraday charts. Common after news events when the market needs to digest a move before continuing.
What is the most common mistake traders make with pennant?+
Trading pennants without a strong preceding move. A pennant without a flagpole is just a small triangle in a chop zone — the pattern needs the momentum to work.
What do experienced traders know about pennant that beginners don't?+
Pennants resolve quickly. If the pattern hasn't broken out within 1.5-2x the time it took to form, it's losing power. Stale pennants tend to fail.

Related terms

Bull Flag

beginner

A short-term continuation pattern where price pulls back in a tight downward channel after a strong rally — usually breaks higher.

Bear Flag

beginner

A short-term continuation pattern where price rallies in a tight upward channel after a strong drop — usually breaks lower.

Symmetrical Triangle

intermediate

A neutral continuation pattern with a falling top and a rising bottom — both sides squeeze toward the apex before a breakout.

Breakout

intermediate

When price moves decisively through a significant support or resistance level, often triggering a new trend.

Cup and Handle

intermediate

A bullish continuation pattern shaped like a teacup — a rounded bottom followed by a small pullback before a breakout.

Shooting Star

beginner

A bearish candlestick with a small body at the bottom and a long upper wick — a rejection of higher prices at the top of an uptrend.

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