SCTY - Double Bottom
On Feb. 10 2016 SCTY hit a new lower low after failing to break its strong resistance late Nov. Following the new low ($16.31) we there is an increase in volume forming our peak - Neckline. During the peak there seems to be high interest, but with insufficient amount of buying pressure the price drops to our support $16.50 forming the second leg.
1) -/+ 3% fluctuation from our first leg is significant indicator of the 2nd leg formation. In SCTYs case, the lows of both legs are almost identical. 3 months apart.
2) the increase in volume during both troughs is also a significant indicator of accumulation
A break through the neckline with high volume gives a buy signal with a PT of about $50
RSI is also used to confirm momentum change throughout Double Bottom pattern.
1) -/+ 3% fluctuation from our first leg is significant indicator of the 2nd leg formation. In SCTYs case, the lows of both legs are almost identical. 3 months apart.
2) the increase in volume during both troughs is also a significant indicator of accumulation
A break through the neckline with high volume gives a buy signal with a PT of about $50
RSI is also used to confirm momentum change throughout Double Bottom pattern.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.