Get started

Double Bottom

BHEL Chart Analysis1. BHEL took support at the levels of 42.0 to 42.30 in October 2019. These were pre - Covid times. 2. BHEL took support at the same levels of 42.0 to 42.30 in the 1st week of Jan 2020. Again, the market has not yet started responding to the Covid pandemic. The support was finally broken in February and BHEL reached the levels of 19.20. From there it made a reversal and entered into an UPTREND. 3. The previous support at 42.0 became a Resistance. The breakout failed. Notice the volume. It was above average but BHEL has shown higher volumes when it was recovering from the Covid Lows. 4. Again the stock failed to cross the level of 42.0 forming a DOUBLE TOP. 5.The stock then fell down to the Double Top Confirmation Line . The price behavior (wick rejections and selling pressure) here suggested that the fall was to continue. The price fell down to form a DOUBLE BOTTOM. The Double Bottom Confirmation Line was breached and the stock entered into an UPTREND on the daily chart. 6. The price has now started forming an upward Trend Line. 7. Again a breakout (with above-average volume) from the level of 42.0 failed on 8th February 2021. Now, the range for price movement is tightening due to the resistance at 42.0 and the trendline support. I have observed that the breakout (either way) occurs at the levels where the resistance and the trendline coincides. Let us see how it unfolds. The levels which would act as Resistance or Support when the breakout is successful is marked on the chart with Red and Green lines respectively. These levels can also be used as intermittent targets to trade. Since I am a new trader, kindly mention anything that I have misinterpreted or have missed.
NSE:BHELLong
by arunkrmishra2000
14
Textbook DOUBLE BOTTOM in PNBPNB has crossed very crucial levels in historical price action move. The stock has been in uptrend as past few weeks and has completed a text book definition of Double Bottom. It has successfully breached the neck-line and retested it with a daily gains of over 5%. Stock last traded on such valuations in 2003 and this is a golden chance to build long term positions into this stock. Traders can also benefit from this move by placing long bets with stop loss below 38. There is lot of talk about PSBs in media currently. PNB will benefit immensely if the Euphoria kicks in. NOTE:- I post ideas about swing trades, long term bets and even for intraday. Check my below ideas for trading psychology. Kindly do your own analysis for trading/investing
NSE:PNBLong
by shaleenbansal
PNB | Double Bottom & Accumulation zone 🎯⭕ Trading opportunity ! Chart Alert !!! ⭕ --Buy Above =35.85 or CMP --Target = 56.75 --Stop-loss =30.20 --R:R = 3.7 --Expected Profit = 58 % --Expected Holding = 3 months only #ThankU For Checking Out Our Content , We Hope U Liked IT 📌 ====================================================== ⭕ Technical Reasons to trade or Strategy applied :- ⭕ 1) pnb is in range now & having a really high volumes after the fake breakout 2) Kind of a double bottom & accumulation zone 3) Trendline is also broken 4) target is somehow based on resistance zone as well Guys check out the related ideas as well, it will work really well GUARANTEED ! 🙏FOLLOW for more ! 👍LIKE if think is useful ! ✍COMMENT Below your view !
NSE:PNBLong
by ReviveTraders
35