SIEMENS DOUBLE BOTTOM
A Double Bottom is a bullish reversal pattern that typically forms after a downtrend. It resembles the letter “W” and consists of two distinct lows at approximately the same level, separated by a peak in between. Here’s a breakdown of the pattern:
First Bottom: The stock hits a low point and then rebounds.
Peak: After the rebound, the stock reaches a higher point but then declines again.
Second Bottom: The stock hits a low point similar to the first bottom, indicating strong support.
Breakout: The pattern is confirmed when the stock price breaks above the peak formed between the two bottoms.
Key Points:
Volume: Volume often increases at the second bottom and during the breakout, confirming the pattern.
Target Price: The target price after the breakout is typically the distance from the peak to the bottoms, added to the breakout point.
First Bottom: The stock hits a low point and then rebounds.
Peak: After the rebound, the stock reaches a higher point but then declines again.
Second Bottom: The stock hits a low point similar to the first bottom, indicating strong support.
Breakout: The pattern is confirmed when the stock price breaks above the peak formed between the two bottoms.
Key Points:
Volume: Volume often increases at the second bottom and during the breakout, confirming the pattern.
Target Price: The target price after the breakout is typically the distance from the peak to the bottoms, added to the breakout point.
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