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Double Bottom

#Nifty #fallingwedge on hourly chartsNifty on hourly timeframe is showing a falling wedge formation with double bottom placed at the bottom of the falling wedge channel and also a very important support placed around 16800-16850 support zone band. 20 DEMA is placed around 17400 currently and as that acts a magnet, it can't be ruled out that price is going to a move around that. This zone is also currently coinciding with the around 50 to 61.8% pullback zone of fall from 17800 to 16830 levels. Price is also showing a consolidation in around 250 to 280 points range and a breakout above it would also suggest hourly double bottom range breakout, the range targets are also coinciding with similar target zone as visible from the above two observations. So, possibility of 17350+ can't be ruled out in short term in Nifty and further assessment of price action can be done from there on. Happy Trading :)
Editors' picks
NSE:NIFTYLong
by aktradelearning
21
A potential multi-bagger stock (3)After PSU BANKS and sugar stocks rally Its potentially turn for rice stocks and Railway stocks now One can consider NSE:CLSEL CMP-122 Buy above-137 on closing basis TARGET- 155 then ATH+ Stop loss- Breakdown of trendline with below 107 RSI Divergence observed with RSI Trendline formation too NOTE: Stock represents chart pattern similar as shown by GRM Overseas So one can keep accumulation the stock on dips if possible " JUST AN IDEA SO KEEP YOUR RISKS AND REWARDS IN MINDS BEFORE INVESTING"
NSE:CLSELLong
by Paras_gujjar
1
Trade Idea on SRF with Bird Eye View and Notes Following is the bird-eye view of SRF point-wise: 1 and 2) I see two patterns here on a Weekly time frame; 1 is a parallel channel, and 2 is a symmetrical triangle ( Note: Both can be bullish or bearish patterns depending on their previous more significant wave, here it was bullish ) ( Note 2: Currently sitting at the support of bottom parallel channel making a W pattern and sitting at bottom support of symmetrical pattern too ) 3) It's a Fibonacci extension, made for the consolidation zone - High and Low, For Futures higher Targets. 4) Steep CT: It's a steep counter-trendline breakout, giving us the probability of future upside potential 5 is the probable weekly time frame SL and 6a is probable Weekly time frame basis and pattern top basis Target 1, 6b and 6c are fibo ext target as taken from point 3
NSE:SRFLong
by Averoy_Apoorv_Analysis
HDFC Life Double Bottom RSI DivergencePrice has formed a double pattern on daily chart. while the RSI is making higher lows which is clear sign of RSI Bullish Divergence. We can take long trade. Entry We can go long on open of next candle. Target Target 1 will be the nearest resistance zone which will be also the neckline of W pattern as marked on chart. Target 2 will be next next resistance zone after the neckline of W pattern is broken as marked on chart. Stoploss We can keep stoploss below the double bottom support zone. Please like & Follow me.
NSE:HDFCLIFELong
by vt_trader
5
Reliance Double Bottom & RSI DivergenceReliance has formed double bottom pattern on daily chart. While the RSI is making higher low which is clear sign of RSI Bullish Divergence. Entry We can go long on open of next candle. Target Target 1: We can keep our 1st target at the nearest resistance which will also the neckline of the W pattern as marked on chart. Target 2: Once the 1st target is achieved & price gives breakout above the neckline of the W pattern 2nd target will be the next resistance as marked on chart. Stoploss We can keep stoploss below the support zone. Please like & Follow me.
NSE:RELIANCELong
by vt_trader
6
KotakBank Double Bottom RSI DivergenceDouble bottom pattern is formed on daily chart of KotakBank. RSI is making higher lows which is sign of RSI Bullish Divergence. Entry We can go long after close of strong bullish candle near 2nd bottom. Target Target 1 - will be the next resistance as marked on chart. Target 2 - After 1st target is achieved and price breaks above neckline of W pattern then 2nd target will be next resistance zone. Stoploss We can keep stoploss below the double bottom support zone. Please like and follow
NSE:KOTAKBANKLong
by vt_trader
4
WESTLIFEWESTLIFE:- Double bottom pattern has been formed, if the breakout together sustains the upper side, then you can plan something. Hello traders, As always, simple and neat charts so everyone can understand and not make it too complicated. rest details mentioned in the chart. will be posting more such ideas like this. Until that, like share and follow :) check my other ideas to get to know about all the successful trades based on price action. Thanks, Ajay. keep learning and keep earning.
NSE:WESTLIFELong
by AjayDhakad_Keep_it_simple
Investment plan for PERSISTENT Investment Plan ( My own, don't take it as a call or advice, just an Idea ) This stock is making a great pattern known as descending triangle pattern, on the weekly time frame, but here you will see how the stock went under breakdown in May 2022, the stock got out of pattern and marked a lower low there with a bottom around 3100 levels; it retraced back. Still, the stock made a W bottom there and came up with power and retraced back to the W bottom neckline and now coming back up at the supply node of old descending triangle. breakout form this node can give a great upside till old All time high = 5000 levels and as per Higher low and higher high on weekly and monthly Time frame theory looks like the stock might move higher, which can be speculated from fibo series and upside two levels can be taken as 5500 and 6000 ( near fibo levels and round off numbers ) Good luck :D Trade as per limits and risk managements rules, always consult professionals before taking any trades . Thanks
NSE:PERSISTENTLong
by Averoy_Apoorv_Analysis