I always try no to draw too many lines because I work with the more basic concepts of support and resistance, trend lines breakout and price patterns .
Now Here I have double bottom and a main bearish trend line breakout but the price now have acquired and erratic behavior and more recently the price did a deep pullback and here is the opportunity to entry after this dip (9.79)
Other important aspect here is the tails of the candlestick bars in the 7.80 level confirming the double bottom.
When I categorize something like a double bottom like in this chart I need a considerable lapse of time between the first floor to the second floor touched in the 7.80 level in this example the double bottom takes one year and one month to take shape.
The majority of my ideas have this component a bearish trend line breakout with a double bottom.
by the way I not publish the same chart idea twice I not repeat symbols look my published ideas
By last the horizontal resistance line in the area of 12.00 was a support broken in the 2008 in the financial crisis and then again was broken in June 2016
This idea need time and observation because the 12.00 resistance level has a lot of relevance in the recent history of this stock.
I use a price action analysis with multiple time frame. Without Indicators
Now Here I have double bottom and a main bearish trend line breakout but the price now have acquired and erratic behavior and more recently the price did a deep pullback and here is the opportunity to entry after this dip (9.79)
Other important aspect here is the tails of the candlestick bars in the 7.80 level confirming the double bottom.
When I categorize something like a double bottom like in this chart I need a considerable lapse of time between the first floor to the second floor touched in the 7.80 level in this example the double bottom takes one year and one month to take shape.
The majority of my ideas have this component a bearish trend line breakout with a double bottom.
by the way I not publish the same chart idea twice I not repeat symbols look my published ideas
By last the horizontal resistance line in the area of 12.00 was a support broken in the 2008 in the financial crisis and then again was broken in June 2016
This idea need time and observation because the 12.00 resistance level has a lot of relevance in the recent history of this stock.
I use a price action analysis with multiple time frame. Without Indicators