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👇 First, traders look for a sharp prior uptrend, known as the flag pole, followed by a consistent downward sloping correction. Traders also use Fibonacci retracement to qualify the ‘shape of the flag’ based on the retracement percentage. Traders should note that flag patterns are a technical analysis tool, not one for completely accurate price prediction.
What is a bear flag pattern? Unlike a bull flag pattern, a bear pattern shows traders a sharp downward price drop in a chart, followed by a gradual positive consolidation after the ‘flag pole’. It is thought of as a technique used to identify continuing downward trends in stock and commodity trading charts.
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