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IFCI STOCK HAD GOOD VOLUME TODAY. DOUBLE BOTTOM IS SEEN BREAKING OUT. TODAY’S BREAKOUT HAS BREACHED PREVIOUS RESISTANCE ALSO. HENCE BULLISH VIEW IS CREATED HERE. LONG POSITION CREATED TARGETING PRICE AT NEXT RESISTANCE LEVEL. STOP LOSS IS NOT AT THE BOTTOM OF DOUBLE BOTTOM BUT FIXED EQUIVALENT TO THE REWARD EXPECTED.
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Hi sir,
Here double bottom pattern is not fully formed, it has not completed its pattern. so it may not be the double bottom.
Please see the attached chart. Double bottom has formed in about one month time from November to December. there is a neckline also. however in the second bottom while moving up again a bottom like situation has come. this may be due to presence of sellers. however the bulls have taken over a little later and there is clear breakout. There is good volume also here. if there are any suggestions you have to my comment please post the same to help me understand the concept better.