BATAINDIA (MAYBE DOUBLE BOTTOM)
A double bottom is a bullish reversal pattern that typically forms after a downtrend. It resembles the letter “W” and indicates that the stock price has hit a support level twice before moving higher. Here’s a breakdown of the pattern:
First Bottom: The price falls to a new low and then rebounds.
Second Bottom: After the rebound, the price falls again to approximately the same level as the first bottom, creating a support level.
Neckline: The highest point between the two bottoms is called the neckline. When the price breaks above this level, it confirms the pattern.
Key Points to Note:
Volume: Volume often decreases during the formation of the pattern and increases when the price breaks above the neckline.
Confirmation: The pattern is confirmed when the price closes above the neckline.
Target Price: The expected price target after the breakout is typically the distance from the bottoms to the neckline, added to the breakout point.
First Bottom: The price falls to a new low and then rebounds.
Second Bottom: After the rebound, the price falls again to approximately the same level as the first bottom, creating a support level.
Neckline: The highest point between the two bottoms is called the neckline. When the price breaks above this level, it confirms the pattern.
Key Points to Note:
Volume: Volume often decreases during the formation of the pattern and increases when the price breaks above the neckline.
Confirmation: The pattern is confirmed when the price closes above the neckline.
Target Price: The expected price target after the breakout is typically the distance from the bottoms to the neckline, added to the breakout point.
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