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In Maruti after a downtrend there is a double bottom with high volume at point B. SO I consider these bottoms as double bottoms and made a trade plan .
Entry = 7123
S.L = 6650
Target = 7619( calculated As explained in the double top chart)
As it is a past analysis target is achieved in 21 days.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 | 31 | ||
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Hi,
The Double bottom has a minimum duration of 20 days and it rarely exceeds 4 or 5 months long. Anything less than 20 days of duration likely to be a pennant formation, not a Double bottom.
Hi naresh. thanks for your comment.
Here in this double bottom, the first bottom was on 9 th oct and the second one was on 30 th oct.
So it is more than 20 days only right? is that duration gap not enough for double bottom?
And i like to know more about the pennant formation. Can you please explain me.
Hi Naresh,
What is pennant pattern?
Thanks,
Venkatesh B