Flags Bull flag in an uptrend-bullish Bull flags are characterized by lower highs and lower lows with pattern slanting against the trend. Their trendlines run parallel. Bear Flag in a down trend – bearish Bear flags have higher highs and higher lows and slope against the trend. Their trendlines run parallel. Flags are typically seen right after a big, quick move. Pennants Bullish Pennant in an uptrend-bullish The bullish pennant looks similar to a symmetrical triangle but is typically smaller in size (volatility) and duration. These are similar to Bullish Flags and have a triangle pattern rather than a "flag pattern" Bearish Pennant in a downtrend-bearish These are similar to Bearish Flags and have a triangle pattern rather than a "flag pattern"