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Bull Flag Setup Here

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I hope you had a wonderful Labor Day.

On Friday, we looked at SMH, and decided to wait for the midline of the Keltner Channel to be tested before looking for a buy signal.

For today’s chart of the day, we’re going to look at Pennant Group, Inc. (PNTG).

PNTG provides home health, hospice, and senior living services in the western part of the United States.

After popping hard in mid-August, PNTG pushed outside its upper Keltner Channel. Some mild profit taking came in, bringing the stock down from the highs.

Let’s see how the daily chart of PNTG looks below:

chart of the day

PNTG has pulled back to the midline of its Keltner Channel, and formed what’s known as a bull flag.

A bull flag is a continuation pattern that suggests higher prices. Note the word “suggests.” You already know there are no guarantees in the stock market, and the reason we use these charts is to help map out probabilities. We always want to wait for a PowerTrend buy signal.

If we get a PowerTrend buy signal, the first level to watch on the upside would be where the flag started — in this case, the recent highs at $43.19.

See ya tomorrow!

Trade Smart,

Michael Saul
Analyst, Chart of the Day

The post Bull Flag Setup Here appeared first on Laissez Faire.


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