After a failed attempt to break through a support level, the price has seemingly hit a bottom and is now showing signs of a reversal towards a new uptrend.
This reversal is indicated by a pattern known as a Double Bottom. This pattern typically forms within a downtrend and consists of two distinct lows that occur at approximately the same price level. As the pattern develops, the trading volume tends to decrease, indicating a weakening of the downward pressure.
The key point to watch for is when the price breaks above the highest high between the two lows. This breakout serves as confirmation of the bullish signal, suggesting that the downtrend has reversed, and a new uptrend is likely to ensue.
Note for everyone who came across this reference:
This chart analysis is only for reference purpose.
This is not buying or selling recommendations.
I am not SEBI registered.
Please consult your financial advisor before taking any trade.
Trade closed: stop reached
⋅
Stop Reached!!
Comment
⋅
Even stop loss is hit, keep in radar.Target is already mentioned.
Trade closed: target reached
⋅
As said Even stop loss is hit, keep in radar.Target is already mentioned. and reached handsomely.