What is a Bullish Flag Pattern?

What is a Bullish Flag Pattern?

Bullish and bearish flag/pennant patterns can be identified often on charts that occur in a strong uptrend or a downtrend. They are called flag patterns because they resemble a flag on a pole seen on charts, and can be called bullish or bearish flags depending on the trend. The typical features of a flag pattern have a pole which is formed by a strong move up or down on high relative volume.

After, the stock consolidates near the top or bottom of the pole on lighter volume, forming the flag. Furthermore, after some consolidation, the price breaks out on relative volume to continue the trend. Flag patterns can be used in momentum trading and can be used on any candlestick time frame, especially the 5M frames to scalp short-term price movements.

The pennant pattern is identical to the flag pattern, however, the only difference is in the consolidation period where a flag has parallel trend lines and the pennant has converging trendlines.

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