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Double Bottom Scanner
| Code | Price | Chart Patterns | Chart | |||||
|---|---|---|---|---|---|---|---|---|
| ABBOTINDIA | 27980.0 | [Double Bottom] | ||||||
| KPITTECH | 576.0 | [Double Bottom] | ||||||
| MRPL | 170.15 | [Double Bottom] | ||||||
| PIIND | 2731.0 | [Double Bottom] | ||||||
| SHREECEM | 26725.0 | [Double Bottom] |
Double Bottom Chart Pattern Scanner
What is Double Bottom?
Double Bottom is a bullish reversal chart pattern that often appears after a prolonged downtrend. It signals that selling pressure may be weakening and buyers are beginning to regain control. The pattern is formed when the price creates two similar lows separated by a temporary upward move, giving it a "W" shape.
How the Double Bottom Pattern Forms
- The price falls and creates the first low.
- A short-term recovery pushes the price upward to form a resistance level, known as the neckline.
- The price declines again but finds support near the previous low.
- Buyers return, driving the price above the neckline.
- A breakout above the neckline confirms the bullish reversal.
Trading Strategy
- Wait for the price to close above the neckline before considering a trade.
- Many traders place a stop-loss below the second bottom.
- A common price target is calculated by measuring the distance between the bottoms and the neckline, then projecting that distance upward from the breakout point.
- Combining the pattern with technical indicators or volume analysis can improve confirmation.
Advantages
- Helps identify potential trend reversals.
- Provides clear entry and stop-loss levels.
- Works best when supported by additional technical analysis.
- Suitable for multiple trading timeframes.
TSR Scanner Features
- Real-Time Alerts: Set up alerts to get notified exactly as the condition meets.
- Fine-Tune Filter: Combine with volume and TSR strength index for better accuracy.
- Custom Tracking: Filter signals based on specific stock baskets or your personalized watchlist.
- Backtesting Capabilities: Evaluate historical data to gain confidence.
- Flexible Timeframes: Filter intervals from 1-minute to monthly ticks.
- Auto Refresh: Keeps your scanner data continuously updated.
Fine Tune : You can customise these screeners by clicking on 'Fine Tune Filter' Option
Caution : All these screeners are crafted based on some historical scenarios which may / may notbe applicable here. We recommend to fine tune them according to current market conditions or seek expert advise before taking any decision.
