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Doublebottompattern

JUBLINGREA : DOUBLE BOTTOMNSE:JUBLINGREA has displayed a strong reversal pattern on the chart, forming a double bottom structure. This is a bullish indication, signaling a potential trend reversal. Today's price action has confirmed the breakout above the neckline, marking a critical turning point for the stock. Technical Analysis: Double Bottom Formation: The stock formed two distinct lows at approximately ₹643, showcasing strong support at this level. Neckline Breakout: Today, the stock decisively broke above the neckline at ₹ 765, accompanied by increased volume, validating the breakout. Entry: Enter near the breakout level at ₹765. Stop Loss: Place a stop loss below the neckline at ₹ 733, ensuring protection if the breakout fails. Jubilant Ingrevia's breakout above the double bottom neckline is a bullish signal, indicating a potential upward move. Traders can look to capitalize on this momentum, with well-defined entry, targets, and risk management. Monitor for sustained buying pressure to maintain conviction in the trade. Disclaimer: This analysis is for educational purposes only. Always conduct your own research or consult with a financial advisor before making trading decisions.
NSE:JUBLINGREALong
by VanshikaUdeshi
2
Bullish Double Bottom Pattern Tutorial: 4/8 Bullish PatternsGive me the description for a bullish double-bottom A bullish double bottom is a powerful reversal chart pattern that signals the potential end of a downtrend and the beginning of an upward trend. Here’s how it forms: Two Troughs: The pattern starts with a significant price decline, forming a low (the first bottom). The price then rebounds to create a peak (the middle of the "W" shape) but soon declines again to form a second bottom roughly at the same price level as the first bottom. This double bottom resembles the letter "W." Neckline: The horizontal line that connects the peak of the middle rebound is called the neckline. This is a key resistance level that the price needs to break through to confirm the pattern. Breakout: A breakout above the neckline, typically accompanied by increased volume, confirms the double bottom pattern and signals a potential trend reversal from bearish to bullish. Price Target: The estimated price target for the upward move is usually determined by measuring the distance from the bottoms to the neckline and projecting this distance upwards from the point of breakout. Traders view the double bottom as a strong indication that the previous downtrend has exhausted and the bulls are gaining control, leading to a potential significant upward movement.
NYSE:SMREducation
by RonnieV29
2
GBPUSD bullish divergence daily. Lows and Highs Div. I put out a buy on this pair a week or 2 ago, GBPUSD, a lot can happen in this amount of time, last time I called a Long-trade on this pair & the same this time. GBPUSD is moving up towards a neckline breakout on a Double-bottom system intraday. But the real glossy confluence I see is the Daily chart and bullish RSI divergence. In recent days the RSI on the daily chart, where divergences probably work best because most traders look for divergences on Daily & even Weekly, 4hr charts, has seen lower low to higher low on the RSI AND also lower high to higher high on the daily RSI, but on the price action for GBPUSD it was a lazy lower prices down compared to a bullish turnaround on the RSI. So this divergence is going to be noticed by traders and GBPUSD should be a buy going forwards. As an added bonus of confluence, I threw in some MACD's to also highlight that the trade is supported on the Daily by MACD's sweeping upwards.
Long
by Easy_Explosive_Trading
Oceania trading week about to commence NZ. USD, Gold, Bitcoin * The USD could see some weakness this week, probably not coming until mid-week price possibly propelled by double/bottom structures on mid-timeframes, however the Daily timeframe is indicative of some weakness with price below the moving averages. It's possible later in the trading week the USD could retreat to the 100.60 - 100.85 zone where there is support. Let's see how that play out. The whole idea is a bit counter-indicative of a short I am expecting on EUR/USD which is very overbought at the moment. * In other developments, Bitcoin BTCUSD showed some strength during Sunday's session but is since off its' highs in the weekend session. However, BTCUSD is getting support on the 200 EMA on the Daily. I would not be surprised to see some bullishness in Cryptocurrency this week, with the shine perhaps coming off Gold which is overextended and overbought across all timeframes. The Silver price has further to run but will generally follow Gold's lead. * In precious metals, as I point out above I see a short in XAUUSD very soon probably today, there is more buying demand on the higher timeframe for Platinum XPTUSD, XAGJPY, XAGUSD, XAUJPY whereas XAUGBP, XAUAUD & XAUUSD look over-bought. As I point out above, it's always tricky because I find they all mostly track the gold-price. Have a good trading week, Oceania trading in NZ commences in 30 minutes (6pm New York time) and the Australian ASX kicks off in just over 2 hours time. Chris
EIGHTCAP:USDX
by Easy_Explosive_Trading
SYMPHONY: DOUBLE BOTTOMNSE:SYMPHONY is currently forming a double bottom pattern, which indicates a potential bullish reversal. This pattern typically suggests that the stock has found strong support at the bottom levels and may be preparing for an upward movement. However, traders should exercise caution and consider entering a trade only after a confirmed breakout above the neckline, ensuring the pattern's validity. The target price can be calculated by measuring the height from the double bottom's lowest point to the neckline and then adding this distance above the neckline. This method provides a projected target for the anticipated upward trend.
NSE:SYMPHONYLong
by VanshikaUdeshi
Vedanta - Multi-(Dividend, Demerger, MultiYear BO, Bagger) :)Vedanta has always been in the News for multiple factors - both Positive and Negative Though Metal Stocks are Cyclical, it has come back into Focus at right time. While Nifty Metal index has broken out and all Metal stocks are in limelight now, here are some critical factors that make Vedanta one of the Best among Metal Picks Multi-Year Box Breakout: 16 Year long Breakout pending above 485 and this opportunity comes at right time when China looks weak and Indian Metal stocks are in focus. Multi- Bagger Pick : Above 485 WCB, Target is a Whopping 910++ Almost 2x to 3x from CMP. Usually when stocks BO after so long, they usually rally much higher than the pattern target so, expect close to 1200++ Multi-Demerger Stock: Vedanta has informed in Sep 2023 that it would split into 6 separate listed entities Vedanta Aluminium Vedanta Oil & Gas Vedanta Power Vedanta Steel and Ferrous Materials Vedanta Base Metals Vedanta Limited And Investors would get free stocks of all 6 entities which over next few years will become Multibaggers Mult-Dividend Stock: Between 2022-2024, Vedanta topped the list of stocks with Highest Dividend Yield. Almost 35% or more was the dividend yield paid by Vedanta. The main reason for such huge dividends is because its Parent in UK was significantly Debt ridden and these dividends were paid to offset the debt of the Parent as it had majority share holding of the child company. And we - retail investors - got mutually benefitted by holding vedanta stock Double Bottom Breakout: On Monthly price has formed a Double Bottom BO for Target of 485. This will take it to the BO ZONE of Multi Year Box Pattern. So double confirmation of fast upward rally Disclaimer: 3+ Years Teaching Experience in Stock Market - Technical Analysis, Advanced Patterns, Emotional Management, News based Trading... We are NOT SEBI Registered and Our focus is NOT providing Buy/Sell Recommendations/calls. Primary Objective is to provide detailed analysis of how to review a chart, explain multi-timeframe views purely for Educational Purposes. We strongly suggest our followers to "Learn to Ride the Tide irrespective of its Side" *** Important *** Consult your Financial Advisors before taking any positions If you like our detailed analysis, please do rate us with your Likes, Boost and share your comments -Team Stocks-n-Trends
NSE:VEDLLong
by Stocks-n-Trends
$PFE (Pfizer Inc) - Double Bottom and Missing RetestIt seems like the price may have hit its bottom, as we're seeing two Key Reversals on the Monthly timeframe. This scenario could signal a Double Bottom, setting the stage for a high-probability trade setup with waiting for the price to break through the recent Lower High (LH) to confirm a change in trend. Shifting our focus to the Daily timeframe, there are few potential Sniper Entries opportunities offering the promise of substantial rewards 💸
NYSE:PFELong
by Dragon_Ball
DOUBLE BOTTOM :BANK NIFTYAdam and Adam Double Bottom Formation: This formation typically indicates a reversal pattern, characterized by two sharp V-shaped bottoms. It reflects a strong rejection of lower prices and often precedes a bullish trend reversal. Breakout Confirmation: Yesterday's NSE:BANKNIFTY breakout above the neckline adds confirmation to the bullish bias. The candle closing above the neckline reinforces the validity of the pattern. Target Projection: To estimate a target, measure the distance from the lowest low of the double bottom to the neckline. Then, add this distance to the breakout point. This projected distance can serve as a potential target level. Stop-loss Placement: A stop-loss can be placed below the recent swing low or the lowest point of the double bottom formation. This level acts as a safety net in case the pattern fails to materialize, limiting potential losses. Risk Management: Considering the possibility of a "huge downfall" in case of failure, it's crucial to implement proper risk management strategies. This includes setting a stop-loss at a level that aligns with your risk tolerance and position size.
NSE:BANKNIFTYLong
by VanshikaUdeshi
FORMATION OF DOUBLE BOTTOM: PRAJ IND1. Identifying the Downtrend: A downtrend is characterized by a series of lower highs and lower lows. Upon analyzing the price chart of Praj Industries, it's evident that the stock has been declining over a certain period. This downtrend is marked by a consistent pattern of lower highs and lower lows, indicating selling pressure and overall bearish sentiment in the market. 2. Double Bottom Formation: e observe the formation of a double bottom pattern within this downtrend. A double bottom pattern is a bullish reversal pattern that typically forms after an extended downtrend and signifies a potential trend reversal. In the case of NSE:PRAJIND , we identify two distinct troughs (bottoms) formed at approximately the same price level, separated by a peak (intermediate high). This formation suggests that selling pressure may be waning, and buyers are stepping in at the same support level twice, indicating a potential shift in sentiment from bearish to bullish. 3. Confirmation and Trade Setup: To confirm the validity of the double bottom pattern and initiate a trade, we look for a breakout above the neckline. The neckline is drawn by connecting the highs between the two troughs of the double bottom pattern. Once the candle closes above the neckline, it serves as confirmation of the pattern completion and signals a potential entry point for a long trade. 4. Target Projection: The target for the trade can be estimated by measuring the distance from the lowest low (bottom) of the double bottom pattern to the neckline. This distance is then added to the breakout point (the neckline) to project a potential upside target.
NSE:PRAJINDLong
by VanshikaUdeshi
BANK NIFTY:DOBLE BOTTOMOver the past few days, NSE:BANKNIFTY has been exhibiting a downtrend, indicating a bearish sentiment in the market. However, a notable development is the formation of a double bottom structure, which could potentially signal a reversal in the current trend. The double bottom pattern is a bullish reversal pattern that typically occurs after a prolonged downtrend. It consists of two troughs or "bottoms" at approximately the same price level, separated by a peak or "neckline." In this case, traders are advised to observe the pattern for a potential breakout. To initiate a trade based on this pattern, one should wait for a breakout and closing of a candle above the neckline. This breakout acts as a confirmation of the potential trend reversal. It is crucial to emphasize the importance of waiting for a candle close above the neckline to reduce the likelihood of a false signal. The target for this trade is calculated by measuring the distance between the low of one bottom and the neckline. This distance is then projected upwards from the breakout point to estimate the potential upward move. Traders should keep in mind that the target is a theoretical projection and may be influenced by various market factors. Additionally, it is common for the market to retest the breakout level after the initial breakout. Traders should be prepared for a retest and not be alarmed if the price revisits the neckline. The retest provides an opportunity to confirm the strength of the breakout and potentially add to the position. Risk management is paramount in any trading strategy. Traders should determine their risk appetite and set a proper stop loss level. The stop loss should be placed below the second bottom or at a level that aligns with the trader's risk tolerance. This ensures that losses are controlled in case the trade does not unfold as anticipated. In summary, the analysis suggests a potential opportunity for a bullish trade in Bank Nifty based on the double bottom pattern. However, traders should exercise caution, wait for a confirmed breakout, set realistic targets, and implement effective risk management to enhance the probability of a successful trade.
NSE:BANKNIFTYLong
by VanshikaUdeshi
2
ARBITRUM DOUBLE BOTTOMThis article is pure technical analysis. BINANCE:ARBUSDT is showing a double bottom pattern, indicating a potential bullish movement. But first, pay attention to its past price movement that led to a bullish movement of the coin, ARB had a multi-month trendline breakout. Through this trendline below there were multiple instances of resistance (highlighted in red) from the all-time high. As of this writing, the neckline is still showing its firmness as the price attempts to breakout after hitting it momentarily. This firmness is presented on this chart below through back testing procedure wherein we see instances of it being most as resistance line and support at times. For an intraday perspective, we have to wait for a confirmation for either breakout or breakdown plays. If a breakdown happens, I plotted some trendlines for a possible take profit areas by using basic support and resistance with backtesting. $1.0121 and $1.0619 will be my take profit areas to consider. On the other hand, I plotted a diagonal trendline support, when a massive sell confirms potentially could lead to reversal. Also, consider the MACD indicator in a 4-hour timeframe if MACD crosses along with weakening of the buying pressure that could lead to a reversal. BULL or BEAR: Still BULLISH considering market on a consolidation phase from the massive pump that happened days ago. Let's give the market the time to recover :) I'll give time to update the movement for this coin. Overall, scalp if you want to trade this coin and wait for those scenarios that I mentioned for intraday trade. Follow me on this platform for more market pattern ideas like this. I appreciate the support. Always PLAN your trades and happy trading!
Long
by luigi360swirl
MKR Double Bottom UpdateYesterday, I made a trade with BINANCE:MKRUSDT because of the pattern and long confirmation and for this trade, two take profit areas are set ( Refer to the fib lines ) along with protective stop loss for each take profit hit areas for net profit security. I didn't have an image of my win rate on Binance, but I will provide you the next time :) I ended the trade because of what my indicators presented, the RSI is on the oversold territory and the MACD line nearly approaching to the signal line in 1-hour timeframe. Meaning, we can see a retracement (possibly another double bottom pattern) of the price movement. If I want to trade this coin, I will wait until it forms a pattern potentially scalp short because of upward trend not until we see a breakdown in the support line particularly in the tp 1 area ( Refer to the the chart ) Overall, confluences of my trade include confirmations, resistance breakout, buy volume, and MACD. Always plan your trades by putting take profit and stop loss in every positions. Happy trading!!!
by luigi360swirl
MKR Double Bottom UpdateYesterday, I published this double bottom pattern of MKR as I'm in the wait-and-see mode for a possible scenario - 1) a breakout or 2) a price rejection. The coin had a breakout on its neckline, thus lead to the activation of the bullish pattern as it nearly approaches our target profit area, I also put a protective stop loss, thanks to the .618 fib area to secure profits. Overall, confluences of my trade include confirmations, resistance breakout, buy volume, and MACD
Long
by luigi360swirl
📊 How to: The Double Bottom Pattern📍 What is the Double Bottom Pattern? The double bottom pattern is a trend reversal pattern observed on charts, such as bar and Japanese candlestick charts. Similar to the double top pattern, it consists of two bottom levels near a support line called the neckline. The pattern indicates the end of a downtrend and is confirmed by two failed attempts to break the support level. As a bullish reversal pattern, it signifies a shift in momentum and is commonly used by traders to enter long buying positions. 📍 How to Identify In general, it is fairly simple to identify a double bottom pattern on a trading chart. This pattern can be identified when the price retests the support line and rises up again above the neckline. As a tip, you can usually identify the pattern as a “W” letter formation. 💥 Key Takeaways The double bottom pattern is a bearish momentum reversal resembling the letter W. It requires three main elements: first low, second low, and a clear neckline to identify the formation. The pattern is more effective at the end of a strong downtrend rather than in a ranging market. Drawing a support level and a neckline is necessary to trade this pattern. Confirming the pattern with other technical analysis tools like moving averages, RSI, Fibonacci retracement level, and MACD is important. The recommended approach to trading the double bottom pattern is to wait for the price to break the neckline with a stop-loss order and assess the risk-reward ratio. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
2
NASDAQ 100 Analysis! Will it Reach 14000 ?NASDAQ 100 Weekly Analysis! Bullish View on NASDAQ 100! NASDAQ 100 Expecting 14000 Level! NASDAQ 100 Moving as per Double Bottom Pattern Analysis! NASDAQ 100 formed a Double Bottom Pattern after a decent downtrend. The index gave breakout to the neck level and did retest to it. After that index moving in upward direction. Now price is moving in a range like strong consolidation is happening inside this range. The RSI also in uptrend and taking nice support on the support trendline. As per Double Bottom Pattern Analysis, I have projected the target at 14027.85 level. Hope the index will touch 14000 level in upcoming weeks.
NASDAQ:NDXLong
by Avinash9087
4