Bullish Pennant and Double Bottom Breakout
Weekly chart analysis of
LATENTVIEW
A bullish pennant has been seen on weekly chart pattern. In technical analysis that usually forms after a strong price movement upward, followed by a brief consolidation period.
A double bottom is a bullish chart pattern observed in technical analysis. It usually occurs after a downtrend and signifies a potential reversal in the price of an asset. The pattern resembles the letter "W" and consists of two troughs at approximately the same price level, separated by a peak (the pattern's central point), the same has been marked on chart .
Key Points:
Continuation Pattern: The bullish pennant is generally considered a continuation pattern.
Traders interpret its formation as a temporary pause or consolidation within the broader upward trend before the price is likely to continue moving higher.
Breakout: The pattern is confirmed when the price breaks above the upper trendline of the pennant, accompanied by an increase in volume. This breakout signals a potential resumption of the prior uptrend.
PLEASE NOTE THAT:
LATENTVIEW
A bullish pennant has been seen on weekly chart pattern. In technical analysis that usually forms after a strong price movement upward, followed by a brief consolidation period.
A double bottom is a bullish chart pattern observed in technical analysis. It usually occurs after a downtrend and signifies a potential reversal in the price of an asset. The pattern resembles the letter "W" and consists of two troughs at approximately the same price level, separated by a peak (the pattern's central point), the same has been marked on chart .
Key Points:
Continuation Pattern: The bullish pennant is generally considered a continuation pattern.
Traders interpret its formation as a temporary pause or consolidation within the broader upward trend before the price is likely to continue moving higher.
Breakout: The pattern is confirmed when the price breaks above the upper trendline of the pennant, accompanied by an increase in volume. This breakout signals a potential resumption of the prior uptrend.
PLEASE NOTE THAT:
- This chart analysis is only for reference purpose.
- This is not buying or selling recommendations.
- I am not SEBI registered.
- Please consult your financial advisor before taking any trade
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