A breakout above the upper boundary of the triangle confirms the pennant formation and a probable continuation of the previous uptrend. This upward movement will meet resistance at 39 and 40 to 40.5 resistance zone. Clearing these resistances will empower an upthrust that will propel price to new uncharted heights.
However, if there is a breakdown of the lower triangle boundary the potential pennant will be transformed into a potential flag if price does not break the green dotted support line. A fall below this green line will invalid the potential flag formation and will plummet price towards 30 cents.
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