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Two equivalent tops on either side of a steep high top ( peak ) in the middle like head and shoulders of human is said to be head & shoulder pattern. The volume on the left side shoulder should be high and the volume in the right should be low and if the price goes below the prior bottom then this is said to be bearish trend H&S .
Formation of two equal or equivalent bottoms (A&B) in a span of 20 days or more is said to be double bottom . If the double bottom is formed with a good volume at the bottom B or at point C where the price crosses the previous top is the typical symptoms for a bullish trend and the point c is the prefect time to create long position .
The price trend of a stock in a given point or duration of time is said to be price pattern .This is the basic of technical analysis by which one can analyse or predict the movement of price in accordance to the demand and supply by using theories like dow etc .
Nope because Dow theory is non detailed and it jus gives idea of the trend and not stop loss or target
when demand is greater than supply it is said to be support
and if supply is greater than demand it is said to be resistance
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