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Coal India stock was chosen since it was having high volume today. Double bottom noticed with the interval of 37 days, however only average volume observed in the second bottom. We need to watch this stock, if it crosses the resistance line above Rs. 259.5 we can take long position with stop loss of Rs. 229.5 and target of Rs. 289.5. Duration is 15 days.
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Hi,
A double bottom occurs when the price of a stock hits a particular low price level and rebounds back with a quick recovery but in the above chart we can see the stock is already followed by the bullish movement.
nice