Double bottom is a Bullish Reversal Pattern that is used in Technical analysis to look for signals of a trend shift, from a downtrend to an Uptrend or from a bearish trend to a bullish trend. This pattern is the Opposite of the Double-top pattern.
How to Trade the Pattern
Once the price breaks above the neckline, traders look for a buying opportunity. The expected upward move is approximately equal to the distance from the top and bottom of the pattern. Stop-Loss is placed below the second bottom to limit downside risk.
A double bottom on the weekly chart forms over several weeks to months and is much stronger than the Daily charts double bottom. Weekly charts suggest a longer-term reversal, often leading to a bigger and more sustained Uptrend.
Godrej Properties has formed a double bottom on its Weekly-Day Chart
The Breakout Level for the Double Bottom is Rs. 2,150, and the stock is currently trading above the breakout level at Rs. 2,219. The resistance zone for the stock is from Rs. 2,776 to 2,864 levels. And the Nearest support zone for the stock is Rs. 1,965 to Rs. 1,950 .
About the Company
Established in 1990 and headquartered in Mumbai, Godej Properties is one of India’s leading real estate developers that is part of the Godrej Group. The Company is known for developing residential, commercial, and township projects across major cities like Mumbai, Pune, Bengaluru, Delhi-NCR, and Chennai.
Over the years, Godrej Properties has delivered landmark projects in both the residential and commercial space and continues to be aggressive in expanding its footprint, launching new projects, and acquiring land parcels in high-growth areas.
Written By Abhishek Das
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