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Double Top or Bottom

Technical Analysis of Nike (NKE)Looking at Nike ’s stock on a monthly timeframe, we can clearly observe that it has been in a downtrend since November 2021, following the formation of a Double Top pattern, confirmed by the development of a Shooting Star candlestick. The downward movement has currently paused at a support level (SUP) in the $70 area, where the stock has shown a reaction. At the moment, the stock is trading near a crucial volume level, the Point of Control (POC). Above this level, up to $110, there are significant volumes that could make upward movement more challenging. Bullish Scenario For a bullish scenario, the stock needs to break above the current POC level and the descending trendline. The first target could be the resistance (RES 1) around $110. If it successfully breaks through this resistance with strength, the second target could be the $130 area (RES 2), which has acted as both support and resistance in the past. Bearish Scenario However, if the stock lacks the momentum to break through the POC and the entire high-volume area up to RES 1, the downtrend could continue, with the next support (SUP1) located around the $50 area. This analysis outlines both bullish and bearish scenarios for Nike's stock, offering a clear view of the key price levels to watch.
NYSE:NKE
by Giovanni_Bandini
long $HAL on double bottom pattern, bullish sentiment for crudeI am going long NSE:HAL via options for the following reasons: NYMEX:CL1! closed the week before last at the second lowest level of the year. The following week, i.e. last week, oil emphatically rejected these lows with a 10% gain, showing the highest weekly trading volume of the year. This move continued today with another 3.7% gain. I believe that drilling activity is close to a bottom. Last week Baker Hughes reported 479 oil rigs in operation in North America. That's the second lowest weekly number since the beginning of 2022. I don't see Western countries ending their embargo of Russian oil any time soon, there's the potential for Israel to strike Iran's oil export infrastructure, the Strategic Petroleum Reserve continues to hover near 16-year lows, and there's always another hurricane brewing in the Gulf of Mexico. With all that going on, I believe that US producers will be smart to put a few well completions into their back pockets, just in case. NSE:HAL is the cheapest of the big three oil services companies on a fwd EV/EBITDA basis. Management expects 2024 FCF to grow at least 10% from 2023 (analysts penciled in 20% growth), and they expect drilling activity to increase in 2025 from 2024H2 levels. NSE:HAL currently presents a double bottom pattern on the daily chart. Since 2021 these patterns have had a very high probability to hit their target for $HAL. I think this trade is attractive on multiple time horizons. Mine is relatively short (I expect to be out before the Nov 7 earnings release). This is no recommendation, of course. Please do your own research.
NYSE:HALLong
by matthias
1
Sellers unable to push USDCHF below 0.84; possible upward move?The U.S. dollar to Swiss franc currency pair (USD/CHF) had been trading sideways above a key support level on the daily chart, marking the lowest price since 2015. In addition, a double bottom pattern has formed, signaling that sellers have been unable to continue pushing the price below 0.8400. On Friday, Oct. 4, the USDCHF broke out of its sideways pattern on the daily chart, indicating potential buying momentum. A possible upward movement could take the price to the 0.8800 level in a few days. Hot US jobs report, lower-than-expected unemployment favours the dollar From a macroeconomic standpoint, Friday’s US nonfarm payroll (NFP) data came in well above expectations (254,000 actual vs. 147,000 forecast), pointing to a robust labor market with potential incoming growth over the coming months, which tends to favor the USD. The NFP data also appears to have led markets to price out expectations of an outsized 50-basis-point interest rate by the Federal Reserve at its upcoming meeting — which could have led to more weakening in the US dollar. The dollar has also benefited from safe-haven flows amidst rising tensions in the Middle East, with the IDF starting ground operations in Lebanon and Iran unleashing a large-scale ballistic missile attack on Israel for the second time. Therefore, from a technical standpoint, we can observe the following: USD/CHF at its lowest level since 2015. Formation of a double bottom on the daily chart. Sideways movement above support. Friday's breakout indicating a potential uptick in buying activity. From a macroeconomic standpoint, the following factors are in play: NFP data surpassed expectations (254,000 actual vs. 147,000 forecast). Unemployment rate came in lower than expected (4.1% actual vs. 4.2% forecast). Together, these factors suggest that USD/CHF could appreciate, potentially reaching 0.8800 in the near term. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Long
by Marketscom
ROSEUSDT Set for a Major Breakout or Breakdown?Yello Paradisers! Are you ready to catch the next big move on ROSEUSDT? 🧐 Let’s dive in! 💎Currently, ROSEUSDT has displayed a Change of Character (CHOCH) and has formed a W-pattern on a crucial support zone, which previously acted as resistance. After the breakout, this zone now serves as a potential base for a bullish move. 💎But confirmation is critical! ROSEUSDT needs to break above the previous swing high of the W-pattern and close a candle above it. If this happens, it would significantly increase the probability of an upward move. 💎We may see a bounce from the strong support zone below. However, to validate this, we need an Internal Change of Character (I-CHoCH) to confirm a shift toward a bullish market structure. 💎If ROSEUSDT breaks down and closes candle below the strong support zone, it would invalidate the entire bullish setup and could signal further downside risk. Stay sharp, Paradisers! Waiting for confirmation is crucial. In this game, patience and discipline will always set you apart from the crowd. MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise
EURUSD - When the 2618 Technique Comes Into PlayAfter a wild reaction to end the week, it's time to reevaluate the markets for the week ahead & plan our attack. After violating a previous level of structure to the downside, the EURUSD has ran right back into another level of major structure support & has held. We've already seen a double bottom form at this level so it's a little late to enter based off that classic price pattern. But don't worry I've got an alternative option for you called the "2618 Technique." If you have any questions or comments about the setup (or anything else trading related) please let me know. And I wish you guys the best of luck in this upcoming trading week! Akil
Long
by Akil_Stokes
USOIL Price Analysis: Double Bottom Breakout Targets $78.37🛢️ USOIL Price Analysis: Double Bottom Breakout Targets $78.37 and $83.67 USOIL (WTI Crude Oil) shows a bullish reversal pattern on the D1 timeframe , with a double bottom breakout signaling potential upward movement. Traders are eyeing key targets, with the first at $78.37 and the second at $83.67 . Here's a breakdown of the setup: 🔍 What is a Double Bottom Pattern? A double bottom is a bullish reversal pattern that forms after a downtrend. In this pattern, the price hits a support level twice and bounces back. This suggests that sellers have been exhausted, and buyers are stepping in to increase prices. The breakout occurs when the price closes above the peak between the two lows, confirming the pattern. 🚀 Key Price Targets for USOIL With the double bottom confirmed, here are the following potential price targets: 1. First Target – $78.37: After the breakout, the immediate upside target is $78.37 . This level is based on a measured move from the bottom of the pattern to the breakout point, giving traders their first profit-taking zone. 2. Second Target – $83.67: Should the bullish momentum continue, the next target to watch is $83.67 , where further resistance is expected. A move toward this level would signify a more extended upward trend in USOIL. ⛔ Stop Loss – $66.23 To manage risk, traders should consider placing a stop loss at $66.23 . This level is below the pattern's low, where a breakdown would invalidate the bullish outlook and potentially trigger further downside. 📊 Factors Influencing USOIL Several factors could affect the success of the breakout: Global Supply and Demand: Changes in OPEC policies, US shale production, and geopolitical tensions can significantly impact oil prices. Economic Growth: A robust global economy often increases oil demand, increasing prices. USD Strength: Since oil is traded in US dollars, a stronger dollar can put downward pressure on oil prices, while a weaker dollar may support further gains. 🛠 Trading Strategy For traders looking to capitalize on this breakout, consider the following: Entry Point: After the breakout, buying near the current price with targets of $78.37 and $83.67 could provide a favorable risk/reward ratio. Risk Management: Place your stop loss at $66.23 to protect against unexpected market reversals. 💡 Conclusion The double bottom breakout on the D1 timeframe suggests that USOIL is poised for a potential rally towards $78.37 and $83.67 , with a protective stop at $66.23 . To navigate this opportunity effectively, traders should stay vigilant of key market factors and global developments. 🔔 Stay tuned for more updates on USOIL and other fundamental market movements.
FX:USOILLong
by amzadlak
Double Bottom Breakout on NETFSILVEROverview: The chart for NETFSILVER (Nippon India ETF) is showing a classic Double Bottom pattern, a bullish reversal signal that suggests a potential upward move. This pattern emerged after a period of consolidation near the ₹78.52 support zone, followed by two distinct troughs, marked as Bottom 1 and Bottom 2 on the chart. Key Technical Highlights: Double Bottom Pattern: The stock has formed two troughs, with the second bottom being slightly higher, indicating a diminishing selling pressure. The neckline (or resistance) has been breached at the ₹86.26 level, confirming the pattern's validity. Target Price Projection: Based on the height of the double bottom pattern, the projected upside target can be estimated by measuring the distance between the neckline and the bottoms. This gives a potential target of ₹93.10, which is approximately 7.9% higher from the breakout level. Key Levels to Watch: Support : ₹78.52 (strong support zone, where the stock bounced twice) Immediate Resistance : ₹90.20 (prior peak resistance) Target : ₹93.10 (measured move based on the pattern's height) Volume Analysis : The breakout occurred with a noticeable increase in trading volume, confirming the validity of the breakout. This suggests strong buying interest around the ₹82.15 to ₹86.26 levels. RSI Momentum: The RSI is currently hovering around 62.77, indicating bullish momentum without being overbought. There’s still room for further upside before the RSI hits the overbought zone. Conclusion: With the successful breakout above the neckline at ₹86.26, the stock is positioned for an upward move towards ₹90.20 and ultimately ₹93.10. The increased volume and positive RSI divergence support the potential continuation of this rally. Traders should keep an eye on the volume and momentum to ensure that the breakout sustains.
NSE:SILVERBEESLong
by AngshumanSaikia
GOLD (XAUUSD): Strong Intraday Bullish Signal Update on Gold Recently, we observed a breach of a key horizontal resistance level on the intraday chart. Following this, the market retraced to a previously broken level and formed both a symmetrical triangle and a double bottom pattern on the 4-hour chart. A bullish breakout above the triangle's resistance line and the neckline of the double bottom signals a strong intraday bullish outlook, indicating a likely continuation of the uptrend. Our initial target is set at 2684.
OANDA:XAUUSDLong
by NovaFX23
2
GOLD (XAUUSD): Strong Intraday Bullish SignalUpdate for 📈Gold. Earlier, we spotted a violation of a significant horizontal resistance level on an intraday chart. After retesting a previously broken level, the market formed a symmetrical triangle and a double bottom pattern on a 4-hour chart. A bullish breakout from the triangle's resistance line and the neckline of a double bottom indicates a strong intraday bullish indication, suggesting a potential continuation of the uptrend. Our initial target is 2684.
TVC:GOLDLong
by linofx1
4
ITD Cementation India Long Term Investment IdeaIntroduction ITD Cementation India Ltd. engages in the construction of a wide variety of structures. Its areas of operations include maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers, and other foundations and specialized engineering work. Observation As we can see stock breakout its channel with huge trade volume, Open marabuzo and.... Visit on website👆deeper detail and its fundamentals
NSE:ITDCEMLong
by SHEHBAZ_KHAN
How to Adam & Eve PatternEver wondered about Adam and Eve in trading? It's a straightforward and powerful pattern. Hello dear traders! If you like my graphics, please use Like button 💙💛 Picture Adam as the first market peak or dip, and Eve as the second, forming a U-shape. This pattern highlights a robust price level, suggesting a potential market shift. How to Utilize It? In a downtrend, spot Adam and Eve as double bottoms. When Eve follows Adam, indicating a strong support level, consider entering trades. Trade when the price breaks above resistance line, with a stop loss set at the neckline level. Pay attention to trading volumes. They confirm buying or selling strength, offering a clear signal for a trend reversal. Finding Your Target: Identify the pattern's height from the neckline to the peak of Eve. Project this distance downward from the breakout point for a bullish pattern or upward for a bearish one. This gives you a potential target for your trade. Here is an example of Adam & Eve pattern play on Bitcoin chart: Master the Adam and Eve pattern to make confident trading decisions. It's an intuitive way to identify market change in trend and make strategic moves. 📈✨
INDEX:BTCUSDEducation
by ArShevelev
9
TONUSDT: High Probability SetupsYello Paradisers! 🚨 If TONUSDT corrects lower, we could see a potential bounce from the identified demand zones. But for this to happen, we need confirmation. 💎TONUSDT needs to display a Change of Character (I-CHoCH) on the lower time frames, which would shift the structure to a bullish outlook and strengthen the likelihood of a bounce from this zone. 💎If the price falls below the initial zone, it could drop to our stronger demand area below. Don’t forget that there’s a supportive trendline in this region, which could act as an inducement for price. To validate this setup, look out for bullish patterns like a W pattern, Inverse Head and Shoulders, or signs of bullish divergence—these will make it a higher probability move to the upside. 💎However, if we see a strong candle close below these levels, it would invalidate this setup, and we would need to reassess the scenario. Remember, TON is fundamentally solid, so the focus should be on high-probability long setups. Patience and precision are key here, Paradisers! Stay strategic and wait for the best opportunities—consistency is what sets the pros apart from the rest. MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise
6
EURAUD ready to go up? Double bottom pattern on D1EURAUD ready to go up? Double bottom pattern on D1 The euro to Australian dollar (EURAUD) currency pair is in a support region on the daily chart and could show a possible upward movement over the next few days. EURAUD has just formed a pattern known as a “double bottom” around the support region on the daily chart at the 1.6000 mark – a significant area that previously held the price on June 26, preventing it from continuing to fall. Another element that supports the idea of ​​an upward movement in the coming days is the fact that the price accumulated a low of -6.85% between Aug. 5 and Oct. 2. In fact, the RSI reading on Oct. 2 was 29.47, signaling a possible oversold scenario. Bullish engulfing pattern: EURAUD may see buying momentum Today’s price action is showing a clear bullish engulfing pattern, with the current candle trading above yesterday’s high. This formation suggests a potential surge in buying momentum, following a touch on the support level on the daily chart (D1), indicating a possible shift in market sentiment. Analyzing the EUR/AUD setup, several bullish signals are emerging: The pair is currently in a support region on the daily chart (D1), which generally favors upward momentum. A double bottom pattern has formed on D1, another bullish indicator. The RSI dropped below 30 yesterday, suggesting the selling pressure may be exhausted. An engulfing pattern has developed on D1, indicating potential buying momentum could be ignited. These factors together suggest a possible bullish reversal in the near term. EURAUD may rise to 1.6275 in near term From a technical point of view, EURAUD has a chance to rise to the 1.6275 region over the next few days, where it should find temporary resistance. If the price manages to break above 1.6275, it is possible that it will rise to 1.6620 throughout the month of November. Events to watch: US nonfarm payrolls, ECB rate decision, RBA minutes Traders should closely monitor the release of the US nonfarm payrolls data on Friday, as it has the potential to significantly impact market movements. Additionally, those planning to hold positions for a longer term should keep in mind the European Central Bank’s interest rate decision on Oct. 17, which could drastically alter the outlook for EUR/AUD. The release of the Reserve Bank of Australia’s policy meeting minutes on Oct. 7 may also impact the strength of the Australian dollar. Recent forecasts and analyst polls have indicated that the RBA intends to maintain a restrictive monetary policy and keep rates on hold until the end of 2024, with a possible rate cut coming at some point in Q1 2025, which could weaken the Aussie. Disclaimer: 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Long
by Marketscom