hard to say whether we will break to the upside or the downside but we have 2 strong resistance lines directly above it the diagonal yellow on shown here and the 1 week charts 50 ma (not shown here) probably wise to hodl and wait for a clear breakout confirmed by volume before making any moves.
Note
so many lines of support just below the flag....much greater odds of breaking up from the current bull pennant than down considering that...the apex of the pennant also converges with the top trendline of the previous ascending channel to give us a double reinforced support which strenghthens the probability of a bull break.... maybe once again the correction is postponed? : s3.amazonaws.com/tradingview/snapshots/h/hOL7Fq2k.pngNote
a break upward from a flag like this would give us a target of 9.4k just for the flag breakout.Note
the recent bull wick has lengthed the bull pennant slightly still placing the apex at a support line though: s3.amazonaws.com/tradingview/snapshots/l/LlbcgOPi.png let's keep in mind on friday futures expire so even though it looks more probable that it will break up from this flag, there may be some big whales who try to shove the price down before the expiration if they are short.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.