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Double Bottom Reversal
Double Bottom Reversal
The Double Bottom Reversal is a bullish reversal pattern typically found on bar charts, line charts, and candlestick charts. As its name implies, the pattern is made up of two consecutive troughs that are roughly equal, with a moderate peak in-between.
Note that a Double Bottom Reversal on a bar or line chart is completely different from Double Bottom Breakdown on a P&F chart. Namely, Double Bottom Breakdowns on P&F charts are bearish patterns that mark a downside support break.
United Technologies Corp. (UTX) Double Bottom Reversal example chart from StockCharts.com
Although there can be variations, the classic Double Bottom Reversal usually marks an intermediate or long-term change in trend. Many potential Double Bottom Reversals can form during a downtrend, but until key resistance is broken, a reversal cannot be confirmed. To help clarify, we will look at the key points in the formation and then walk through an example.
Prior Trend: With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Bottom Reversal, a significant downtrend of several months should be in place.
First Trough: The first trough should mark the lowest point of the current trend. As such, the first trough is fairly normal in appearance and the downtrend remains firmly in place.
Peak: After the first trough, an advance takes place that typically ranges from 10 to 20%. Volume on the advance from the first trough is usually inconsequential, but an increase could signal early accumulation. The high of the peak is sometimes rounded or drawn out a bit from the hesitation to go back down. This hesitation indicates that demand is increasing, but still not strong enough for a breakout.
Second Trough: The decline off of the reaction high usually occurs with low volume and meets support from the previous low. Support from the previous low should be expected. Even after establishing support, only the possibility of a Double Bottom Reversal exists, and it still needs to be confirmed. The time period between troughs can vary from a few weeks to many months, with the norm being 1-3 months. While exact troughs are preferable, there is some room to maneuver; typically, a trough within 3% of its predecessor is considered valid.
Advance From Trough: Volume is more important for the Double Bottom Reversal than the double top. There should be clear evidence that volume and buying pressure are accelerating during the advance off of the second trough. An accelerated ascent, perhaps marked with a gap or two, also indicates a potential change in sentiment.
Resistance Break: Even after trading up to resistance, the double top and trend reversal are still not complete. Breaking resistance from the highest point between the troughs completes the Double Bottom Reversal. Like advances, these should occur with an increase in volume and/or an accelerated ascent.
Resistance Turned Support: Broken resistance becomes potential support and there is sometimes a test of this newfound support level with the first correction. Such a test can offer a second chance to close a short position or initiate a long.
Price Target: The distance from the resistance breakout to trough lows can be added on top of the resistance break to estimate a target. This would imply that the bigger the formation is, the larger the potential advance.
It is important to remember that the Double Bottom Reversal is an intermediate to long-term reversal pattern that will not form in a few days. Even though formation in a few weeks is possible, it is preferable to have at least 4 weeks between lows. Bottoms usually take longer to form than tops; patience can often be a virtue. Give the pattern time to develop and look for the proper clues. The advance off of the first trough should be 10-20%. The second trough should form a low within 3% of the previous low and volume on the ensuing advance should increase. Volume indicators such as Chaikin Money Flow, OBV and Accumulation/Distribution can be used to look for signs of buying pressure. Just as with the double top, it is paramount to wait for the resistance breakout. The formation is not complete until the previous reaction high is taken out.
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Minnesota Kali Group Offers Martial Arts Classes for Everyone
Specializing in Self Defense and martial arts training in Minneapolis, Minnesota Kali Group is pleased to announce that it offers martial arts classes for any fitness level. Many people have the delusion that they have need of prior martial arts training or should be at a certain condition or physical condition. This supposition is not precise and anyone, in spite of of their present fitness level can participate in martial arts classes at MKG.
Parents cannot look after their kids 24/7 and bullies at school can affect your child’s routine in class, they will for all time be teased, mocked and say unkind things about them. Don’t let this take place to your kid and arm them with awareness in martial arts. If you want to build your child’s confidence and teach them protect keep them safe from the bad guys, it is best to enrol them in kids martial arts classes.
Kids learn fast and their minds are like a sponge that without difficulty absorbs knowledge, their bodies are supple and coaching them while they are still young will benefit them as they grow. Today, there are effective ways to build their self-confidence and they will be optimistic to participate in lively and pleasant specially designed self-defense program for kids. In Fitness Classes Minneapolis offers they will be taught how to defend themselves in a tough situation.
The MKG Martial Arts practice has improved the lives of thousands of students worldwide. Increased confidence, self esteem, sense of personal safety, and fitness are just a few of the benefits of MKG’s unique training systems. Teen martial arts classes at MKG provide a “total body workout” and this gives number of benefits.
They have classes in Kali, Thai Boxing, JKD, Brazilian Jiu Jitsu, Yoga, Filipino Boxing, and signature Phase program. For more details, visit their website.
About Minnesota Kali Group
Founded by Rick Faye, Minnesota Kali Group is an international network of instructors and schools enthusiastic to the powerful personal development that is martial arts offering customisable and one-on-one training programs for all, regardless of their current skill level.
For more information about Minnesota Kali Group and the company’s various martial arts training classes, please feel free to visit the website at http://www.mnkali.com/ or contact them by phone at 612-821-6800.
Location
4532 Chicago Avenue
Minneapolis, MN 55407
Phone: 612-821-6800
Email: minnesotakaligroup@gmail.com
Sai Krishna and Associates: One of the Best Law Firms in India
To protect your intellectual property and get the best corporate and competitive law solutions, Sai Krishna and Associate is the best firm for you. By serving the clients from various industries including automotive, media and entertainment, telecommunication, etc, the firm has its wide expertise in handling different law cases and various business disputes. Providing the best law, copyright, and patent solutions, the firm has confirmed its name in the best law firms for patent prosecution. The firm’s all the services are fully complying with industrial standards, providing itself a base to grow its services widely for greater customer satisfaction. The company is providing its services for dispute resolutions, corporate law, trademarks, investigation, enforcement, etc.
Because of the company’s versatile approach towards these crucial law matters, the demand of services is increasing day by day. The firm is able to provide the best law solution to the businesses. The firm has its wide service reach in all the parts of the country and outside the country. By following all the governmental regulations and obeying the law and orders, the firm provides the most desired solutions to the businesses to ensure their total growth. To protect your property in this online world, Sai Krishna and Associates are fully focused towards telecom media & technology field to ensure the safety and privacy of your properties and patents. The firms are working as a group of highly skilled and qualified individuals in their fields. The firm is contributing to different fields of works by ensuring its promising law services to the businesses.
The firm aims to full dedication towards the customer right protection and corporate laws. In this way, the firm has created its positive image in the industry. The ability to handle extremely complex cases is one of the biggest strength of the firm. Known as one of the biggest dispute resolution law firm, the company is able to strengthen the client’s sides and give satisfactory outputs from these cases. The firm has been rewarded with different recognitions by different organizations. After receiving great appreciations in the industry, the firm is always improving its services continuously. There is a wide network of offices situated in different locations in India. These offices help the firm to grow its evolution in the country most efficiently.
The huge and esteemed client base attained by the firm is also responsible for its growth. The firm is able to manage lots of services under single management. The company has its most reputed place in the top 10 law firms in India. This happened only because the firm has a deep knowledge of all the legal terms. The company knows all the activities required to safely use your property and make it safe from any external hazards. The firm has full expertise in handling the specific issues for different type of industries. The company knows the process of establishing a healthy connection between technology and experience. This is the only reason for the firm’s constantly growing honour.
Visit us: www.saikrishnaassociates.com
Prodirectshoes Stands the Leading Online Destination for All Types of Sports Shoes
(May 22, 2019) – For those individuals planning to get into the practice of some serious sports, they know that sports shoes are one among the first things they will have to get. Only good quality shoes will ensure that they will not get any injuries during their practice sessions.
Understanding their need for quality shoes from top brands, Prodirect Shoes offers an extensive collection of these shoes. The company offers free shipping on all orders they receive. Further, the company also offers 30 days returns with money back guarantee, such that buyers can get a replacement in case, they have some size or other issues.
However, to avoid size issues, a person planning to shop for the Adidas Yeezy 350 Static or any other shoe for that matter can choose the right fitting shoes for their needs. To make sure that the customers can get the most convenient shopping experience, the store offers online support 24/7 per week.
When shopping for KeywordAdidas Yeezy Mauve or even other shoes from this store, members can get a 10% discount on their purchase. This is offered by Prodirectshoes as a promotional offer.
About Prodirectshoes:
Prodirectshoes has evolved a lot from being a one-stop sneaker destination to branded shoes like Air Jordan to Adidas and Nike. For the best quality and affordable Adidas and Nike Shoes, the store stands the best place online.
For more information, please visit https://www.prodirectshoes.com/
Media Contact:
Prodirectshoes
support@prodirectshoes.com
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Bullitt Automotive is an auto repair and maintenance service shop located in the Phoenix Valley. We are in business to help people with all of their automotive needs. You name it, we can fix it. We are here to help with: simple oil changes, battery service, failed emissions test, Air Conditioning repair, tires, brake issues, wheel alignment, preventative maintenance, transmission issues to name a few. We love what we do, and our team’s positive energy can be sensed the moment you walk into our neat and updated waiting room. Our clients find us to be their friend in the automotive industry. Our highly trained technicians are passionate about quality auto repairs and will get you back on the road safely and quickly. We are known to be the “Honest and Reliable” mechanic in the neighbourhood.
Email – service@bullittautomotive.com
Call at – 480-446-0484
https://www.bullittautomotive.com/
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