Double Bottom(W) Breakout at ENGINERSIN

Double Bottom (W) #Breakout at #ENGINERSIN (Engineers India Ltd) Weekly Chart. It #Outperformed the #Nifty.

What Is a Double Bottom?

A #doublebottom #pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. It describes the drop of a stock or index, a rebound, another drop to the same or similar level as the original drop, and finally another rebound. The double bottom looks like the letter "W". The twice-touched low is considered a support level.

KEY TAKEAWAYS -

The double bottom looks like the letter "W". The twice-touched low is considered a support level.

The advance of the first bottom should be a drop of 10% to 20%, then the second bottom should form within 3% to 4% of the previous low, and volume on the ensuing advance should increase.

The double bottom pattern always follows a major or minor downtrend in a particular security, and signals the reversal and the beginning of a potential uptrend.

ONLY FOR #educational
NOT SEBI REGISTERED. #LEARNEARN (TRUST YOURSELF)

#nifty50 #sharemarket #BREAKOUTSTOCKS #Multibagger #sharemarket #sharemarketindia #sensex #technicalanalysis #Chartanalysis #headandshoulders #doubletop #doublebottom #parallelchannel #relativestrength

DISCLAIMER: I am not SEBI registered analyst. All posts are for educational purpose only. I am not responsible for your any loss or profit. Consult your adviser before taking any trade. I help people to learn technical analysis & charts reading.