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This stock should be purchased @ 1073.5
When the price is increasing, it should be sold when it reaches 1130
When the price is decreasing, it should be sold when it reaches 1017.5
Price patterns basically denotes the price movement in the market that helps to identify the demand and supply variations in details.
Most popular price patterns are :
Cup, Doji, Double Botttom/Top, Flag.
When there is demand zone has survived twice for a period of months or weeks and is not able to be breached then it denotes a double bottom.
The bullish trend can be identified when the supply zone is breached after the double bottom. Also the second bottom should contain significant volume.
When the supply zone is breached, its time to buy
Likewise when the demand zone is breached, its time to sell
Dow theory help us to identify about the demand and supply in the market price movement.
But price pattern helps us to figure out the expectations of the price movement and current market trend.
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