FAS is in a pennant after a 15-point move up. It has now pushed sideways until up against the lower channel line, and must now breakout or breakdown. Should it breakout of the pennant,the target calculates as 61 {(50-35)+46}. The Point & Figure target is 76.The delightful characteristic of this pennant is the nearly flat top. It provides close positioning for a stop loss even should the price pull back to retest the top of the pennant after a breakout, and triangles usually breakout towards the flat side.
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