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Dusifgogo
Jun 5, 2020 8:44 AM

DOUBLE BOTTOM FORMATION IN HDFC..!!! Long

Description

Double bottom formation is very bulish pattern and looking at market conditions it will surely workout.

one can go long after the breakout of accumulation zone.
Comments
kgiridhararao143
Can I buy AXIS NOW
Dusifgogo
@kgiridhararao143, I am not sure about the axis bank because the chart is not showing the clear trend.
kgiridhararao143
Can we buy now HDFC IN THIS PRICE
Dusifgogo
@kgiridhararao143, currently it is consolidating the previous sharp rally so i think you should wait to for the breakout of 1825-1730 range.
DILIP05
Can you help me understand how did you choose the accumulation zone? Through pivot points?
Dusifgogo
@DILIP05, Accumulation zone is where the stock halts and resist further downside , Hdfc made a probable bottom and halted for almost a month and resisted to go further down so probably there is going accumulation at the bottom.
DILIP05
@Dusifgogo, So, when this thing happens is it always going to break upside? or possibility is there for breaking down also?
Dusifgogo
@DILIP05, Double bottom formation is a bulish setup so we anticipate for a upside breakout..if it gives downside breakout than we call it as a pattern failure.

you should have such breakout candidates in your watchlist and do make entires at right time.
DILIP05
@Dusifgogo, Great. Thanks.
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