Get started

Double Bottom

Sterling tools near its supply zoneStertools has been on a downtrend since 2018. The stock has made a double bottom and currently at the neck line which is very strong supply zone of 250rs-260rs which coincides with 38.2% fib level. If the stock manages to give a weekly closing above 250rs and sustains the same in the following week, we might see a big upmove in this stock. Keep this stock in radar for a good positional trade since volumes have increased in previous few weeks
NSE:STERTOOLSLong
by chartistamey
BTC Ascending triangle or a bear flag breakout?I'm looking at BTC chart in multi- timeframe. BTC broke symmetrical triangle, formed an ascending triangle but rejected at the resistance level 22.5-22.8K. Today BTC retested symmetrical triangle trendline and can bounce, or it can touch the lower slope of ascending triangle before major bounce. There is a warning sign as well. BTC has formed a gigantic bear flag with the target 11K. If it breaks down the blue parallel channel or Ascending triangle , A bear flag mode will be activated and more likely it will dump to cause a final capitulation. I give 75% probability to a scenario A and 25% -B based on my previous published analysis. You can also check them to understand why I'm more bullish than bearish.
Long
by ergal91
Ethereum double bottom & Ascending triangle breakout? I'm looking at Ethereum chart in multi- timeframe. Using trend based fib extension, I showed you that 100 % projection of A wave / from November top/ATH/ to January low has been completed. In daily timeframe there is a nice Adam & Eva double bottom pattern with ascending triangle/. Such kind of pattern there are on total market cap and BTC charts as well. At 4h timeframe there is ascending triangle too. Its resistance has been tested 4 times. To get confirmation of the breakout we need BTC 4h and daily candle close above the resistance. I expect it in coming days. All targets are pointed on the charts. You can also check my previous analysis about BTC, Total market cap, DXY, USDT dominance and understand why I'm bullish.
Long
by ergal91
Total Market cap double bottom & ascending triangle/bounce time?I'm looking at Total market cap in daily and 4h timeframe. There is a nice Adam & Eva double bottom pattern, which can be broken very soon/ in coming days/ At the same time there is ascending triangle on 4h timeframe. The resistance has been tested 4 times)) As you know as many times price hits the resistance , it becomes weaker and more likely will be broken. Double bottom and ascending triangle targets, which are the same I pointed on the chart. For confirmation we need 4h and daily candle close above the resistance / You can look at my previous BTC analysis from bullish perspective.
CRYPTOCAP:TOTALLong
by ergal91
$MSFT Strangle option 260/272.5 before next ER +/-20$Breaking out falling wedge pattern but facing big overhead cloud ends up at 280 - closing above 280 should open the gate for new bull run - rejection from 280 or lower could lead to bearish pattern targeting double bottoms between 240-230-220 . both scenarios are valid. RSI at down trendline since Nov last year - same if breakout on Monday then bullish signal for long run but if rejected then expected sharp move below 260 . strangle between 260 and 272.2 is my idea. average profit probability is 35% for this strangle . anyhow 2 target before next earning report 240-290 which is around 20$ from Friday close at 267.7 good luck.
NASDAQ:MSFTLong
by WinnerTrader99
TWST - mini double bottomAfter a spectacular fall (of 88%) all the way back to covid pandemic low, TWST appear to have found bottom @ abt $25 on 12th May and then retested this level again on 13 June. There were some signs of high volume accumulation on days following these low. The 21day moving average has recently crossed above the 50 day moving average and RSI is now showing strength (>60). It is likely that the worst is over for TWST. Any near term pullback towards the neckline around 38 will be an opportunity to long. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:TWSTLong
by Juliac
CVS Descending Channel on Weekly Chart The "Decending Channel" pattern was identified on the weekly chart. A "Double Bottom" pattern was identified on the daily timeframe, however, price failed to go higher. A closer look at recent price action and we have confirmation of resistance becoming support (see level 93.62). Though this is true, it is best to wait for a break of structure before placing a trade to the upside. On a final note, the 21 MA crossed up the 9MA on Friday, July 8, 2022. Also, the RSI and volume indicator made higher lows and higher highs on the same timeframe. Personally, I will enter a swing position lightly at the break of the trendline. I will also consider a secondary play action to include a break above 95 or 96. Thanks for reading, MrALtrades00
NYSE:CVSLong
by MrALtrades00
PLUG Bounced from Key Level Five Times! PLUG bounced from the key level 18.47 5x's! The most recent bounce occurred on July 8, 2022. Previous bounces from the key level occurred on the following dates- February 24, 2022, January 31, 2022, May 11, 2021, November 9, 2020. Identified patterns include- "Double Bottom" pattern inside of a "Falling Wedge" IMO PLUG looks good for a swing to the upside. It has strong potential to build (especially if it breaks the upper trendline on the chart). You can trade this one 2 ways. The first way is trade it to the upside with the break of the neckline (the neckline broke recently). If PLUG closes above the neckline, I will enter a swing today with next week's contract. The other play would be to wait for a break above the upper trendline. Expected move- Max move to approx. level 25. Measurement from bottom to neckline is approx. 6. Therefore, a measurement from neckline up ($6 move) is about 25. PLUG is a stock I typically don't trade but I will "plug it in, plug it in" (if you remember the old Circuit City commercials comment below lol) on my watchlist! This stock will be a fun one to swing and trade next week. I started a small swing position (20 C 22 JUL 22) on it yesterday (Friday, July 9, 2022) with an average fill price at 1.05. Plug it in, MrALtrades00
NASDAQ:PLUGLong
by MrALtrades00
Bitcoin Bottom vs Bitcoin TopOn the left you can see the current bitcoin chart on the 12h timeframe, further confirming a bottom with an adam-and-eve chart pattern forming. It occurs after a sharp downtrend. The initial step creates a “V” shape, the Adam part. Then the price surges upwards to a neckline and then makes a round “U” shape which is the eve part. Together it’s an Adam and Eve bottom pattern. As you can see on the right, the bitcoin top created over a weekly time frame, the inverse, an Eve-and-Adam topping pattern. This is a Double Top pattern with the first top stretched by many round candlesticks that look like the letter n. The second top is pointed like an A. I hope you enjoyed my analysis, please like, comment, follow, and share to show your support and encourage me to post my thoughts.
INDEX:BTCUSDLong
by TheTraderAndy
1
Serum SRMUSDT - Falling wedge + Elliott Wave + Channel- On the daily chart, we can see a huge falling wedge - bullish reversal pattern. - The wedge has been broken and retested by the bears. - Also the price is forming a descending channel, so for a confirmation trade - wait for the channel breakout. - Out profit target is top of the wedge or 0.5 FIB. - As per my Elliott Wave analysis - the impulse wave has been completed successfully! - There are definitely better altcoins to buy at this moments, but i want to share with you also this coin. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
SLong
by UnknownUnicorn2537518
7
RBLX - trend reversed up?RBLX fomed a mini double bottom and had been reversing up, testing the neckline at 36.4 before eventually breaking above on strong volume 2 days ago (5 July). It is now consolidating in a mini bull flag and the next breakup above 39 would increase it's odds of heading towards 50. However a reversal below 33.90 would negate this bullish momentum. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:RBLXLong
by Juliac
Double Bottom On The GER40 FormingHi Traders, I am looking at the DAX today on the 4-Hour Chart. We may have a potential Double Bottom forming currently. We have nice divergence across the MACD Histogram. I'm waiting either for the price to break out of the neck zone area with impulsive bullish volume to accompany it OR for the price to head down again and form a clearer second bottom. Either or, patience is key. I will not enter unless that neck zone is broken and the price closes above it. We always wait for a retrace back into the neck zone before opening up a long position. Let's see how this one plays out. Have an awesome Wednesday traders! The Vortex Trader
OANDA:DE30EURLong
by TheVortexTrader
Looking For A Double Bottom On AUD/USD Hi Traders, I am looking at AUD/USD on the 4-hour time frame today. I am noticing a potential Double Bottom pattern begin to form. We have two bottoms already and we have our neckline. We also have divergence in the MACD across the two bottoms. I'm waiting for the price to come up and impulsively breakthrough that neckline. If we see a break and close above that neckline zone, I will be waiting for a minor retrace back into the neckline zone, upon which my entry will be triggered. Let's be patient and see if this pattern forms fully. Trade safe out there guys! The Vortex Trader
Long
by TheVortexTrader
GOLD FUTURES- DOUBLE BOTTOM ? WEEKLY (W1) Potential double bottom in progress below $ 1'800 ? The level of $ 1'780 is very important as it could be seen in the past and more over the thickness of the weekly clouds is currently very thin = very fragile. A failure to recover sustainably above the $ 1'800 area and close above it on a weekly basis would be the first signal calling for further downside towards $1'750 and ahead of $ 1'723. Below there is the former double bottom @ $ 1'673.30. DAILY (D1) Still in a downtrend with its resistance line currently @ $1'812, which is slightly below the Tenkan-Sen @ $ 1'816 and which should be seen as the first significant level to break on a daily closing level in order to neutralise this ongoing downtrend. The cluster of MA21 and Kijun-Sen is @ ($1'833 - $ 1'836). Friday's price action triggered an HAMMER pattern ! On the downside, as for the weekly picture, a failure to hold and close on a daily basis above $ 1'800 would weigh on Gold and would open the door for lower levels as above mentioned. 4 HOURS (H4) Nice recovery in progress triggered on Friday by a HAMMER ! So far, the rally has been rejected by the MA 21 @ $1'813.20 and this level is the last resistance before the H4 clouds resistance area which is higher ($1'832-$1'838). By the way, the 61.8% Fib ret of the $1'861.50-$1'783.40 recent downside move is @ $1'831.70). On the downside, in this 4 hours time frame, the Tenkan-Sen or Conversion line is @ $ 1'805 and should be seen as the first significant support level in H4. 1 HOUR (H1) Currently above the cluster of TS, KS and MA21 and close to the clouds resistance area ($ 1'815-1'819). A successful upside breakout of the clouds would put the focus on levels above previously mentioned in H4 which also coincides with former highs in this hourly time frame. Have a nice Sunday. IRONMAN8848 - Jean-Pierre Burki
COMEX:GC1!
by Ironman8848