Company: Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF)
Technical Chart Pattern: Bull Pennant
Shares of ALEF closed trading today at $3.50 per share, up 14.4% on the day with over 4.96 million shares traded. The stock closed at the high of the day on a strong surge in afternoon volume. Most importantly ALEF broke and closed above the upper line of its current bull pennant continuation formation.
Bull Flags and Pennants are short-term continuation patterns that mark a small consolidation before the previous move resumes. These patterns are usually preceded by a sharp advance with heavy volume.
Look for a large increase in volume tomorrow to help confirm the move. Often times the stock will test the breakout point from the upside before continuing its rise.
What are Pennants?
A pennant is a continuation pattern in technical analysis formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines, the pennant, followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole.
Best of luck to you all and happy trading.
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