Double bottom is a Bullish Reversal Pattern that is used in Technical analysis to see for signals of a trend shift, from a downtrend to an Uptrend. This pattern is the Opposite of the Double-top pattern.
How to Trade the Pattern:
- Breakout Entry: Once the price breaks above the neckline, traders look for a buying opportunity.
- Target Price: The expected upward move is approximately equal to the distance from the top and bottom of the pattern.
- Stop-Loss: Placed below the second bottom to limit downside risk.
HINDUSTAN UNILEVER has formed a double bottom on its 1-Day Chart
The Breakout Level for the Double Bottom is Rs. 2,249, and the stock is currently trading at the same breakout level. The next resistance zone for the stock is around Rs. 2320 levels. And the Nearest support zone for the stock is Rs. 2,125 to Rs. 2,180.
About the Company
Hindustan Unilever Limited (HUL) is India’s largest fast-moving consumer goods (FMCG) company, headquartered in Mumbai. Established in 1933 as Lever Brothers India Limited, it was later renamed Hindustan Lever Limited in 1956 and became Hindustan Unilever Limited in 2007. HUL is a subsidiary of Unilever, one of the world’s leading suppliers of food, home care, and personal care products.
Written By Abhishek Das
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