DOUBLE BOTTOM

Hello mates, As I know that this is month starting and this is not a appropriate time to analyze a chart on monthly time frame but I want to go some in deep to find out a pattern or kind of a reversal signs from strong support zones in it in Lupin so I may be find out some useful things could help someone that is all that it breaks a falling trendline on monthly timeframe so I considered it as a breakout and, The Rsi indicator also giving some reversal action in this stock which is showing that earlier this stock bottomed out at the same place with same price few months ago so we can say it is created a double bottom pattern on monthly time frame chart so I placed a Fibonacci retracement tool for coming resistances and targets for how it can retrace to one from another retracement values although these levels will act as a resistance for it. #DOUBLEBOTTOM

CAUSE OF LONG-:

1- Falling resistance trendline breakout.

2- Rsi showing reversals signs.

Trade closed: target reached:

0.236 RETRACEMENT PRICE OF 750 ACHIVED CURRENT PRICE 777

Comment:

712 TO 820 MARCHING TOWARDS NEXT LEVELS

Trade active:

FIB RESISTANCE OF 928 LEVELS DONE FROM 722 LEVELS, GAINED 28% SO FAR, NOW LOOKING A GOOD BREAKOUT ON MONTHLY CHART.