Double Bottom Pattern is formed on daily chart while the RSI is making higher lows which is sign of RSI Bullish Divergence . We can take a swing trade here.
Entry: We can go long after close of strong bullish candle near the support zone .
Target: We can keep the target near the resistance zone which will be also the neckline of W pattern as marked on chart.
Stoploss: We can keep stoploss below the double bottom support zone .
Thank you for sharing your analysis of the Double Bottom Pattern on the daily chart and RSI Bullish Divergence. Your explanation of the entry, target, and stop loss levels is well thought out and provides a clear and concise plan for taking a swing trade.
Your strategy of waiting for a close of a strong bullish candle near the support zone before going long is a wise decision, as it provides confirmation that the bulls are taking control. Additionally, setting the target near the resistance zone, which is also the neckline of the W pattern as marked on the chart, is a smart move.
I appreciate your focus on risk management by placing the stop loss below the double bottom support zone. This helps to minimize potential losses if the trade doesn't go as planned.
Overall, your analysis and strategy show a thorough understanding of technical analysis and swing trading. Thank you for sharing your insights, and I wish you success in your trading endeavors.
Bro market is entering a negative zone and the fall i can is upto 4460 as of April 12 2021 as a support. right now rsi is yet to be in over sold zone so no uper movement more then 500 point but the fall will happen soon once rsi enter in oversold zone i estimate by 24 March u will see the first fall so don't bet on upper market as of right till June as market as to be corrected hope it will If u need the 1 week target it will be 5500 or 5300 the a bounce back to 5800 then a fall will start hope this help
Your strategy of waiting for a close of a strong bullish candle near the support zone before going long is a wise decision, as it provides confirmation that the bulls are taking control. Additionally, setting the target near the resistance zone, which is also the neckline of the W pattern as marked on the chart, is a smart move.
I appreciate your focus on risk management by placing the stop loss below the double bottom support zone. This helps to minimize potential losses if the trade doesn't go as planned.
Overall, your analysis and strategy show a thorough understanding of technical analysis and swing trading. Thank you for sharing your insights, and I wish you success in your trading endeavors.