A Pennant is a short-term continuation chart pattern that forms after a sharp, near-vertical price move (called the flagpole), followed by a brief consolidation period where the price contracts into a symmetrical triangle the pennant itself as volatility diminishes and the market pauses before resuming the prior trend. The breakout from the pennant typically occurs in the direction of the initial flagpole move and is often accompanied by a surge in volume, with the subsequent price target estimated by projecting the flagpole's length from the breakout point. Pennants form in both uptrends (bullish pennant) and downtrends (bearish pennant) and are among the more reliable short-term continuation signals in technical analysis of Indian stocks and indices.
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