1) Weekly support (context)
Price is sitting near a multi-week demand zone (prior swing lows / consolidation base). Weekly supports matter because bigger timeframes filter noise and attract institutional flows.
When price returns to a weekly support and stabilizes, it often transitions from distribution to accumulation.
2) Daily double bottom (pattern)
A double bottom forms when price tests a low, bounces, then retests roughly the same low and rejects it again. That shows buyers defending the level twice.
The neckline is drawn across the swing high between the two lows. A daily close above the neckline confirms the pattern.
3) Volume confirmation
Healthy: rising volume on up-days, especially on the rally from the second bottom and on the neckline breakout. That says demand is active, not just a technical bounce.
4) Risk line (“invalidates below today’s low”)
Your statement “bullish till it holds today’s low” defines a clear invalidity level. If price closes below today’s low, it suggests the second bottom failed—cut risk there.
5) Trade planning (illustrative, not advice)
Entry ideas:
(a) Aggressive: near current price with stop just below today’s low.
(b) Conservative: on a confirmed close above the neckline, or on a pullback/retest to the neckline that holds.
Stops: A few ticks below today’s low (aggressive) or below retest low (conservative).
Management: Scale partial at interim resistance; trail stop under higher lows / 20-EMA on the daily.
6) What would weaken the setup
Weak or declining volume on rallies, repeated rejections at the neckline, or a decisive daily close below today’s low/weekly support.
In short: Weekly support + daily double bottom + volume = constructive. Confirmation comes with a neckline break; invalidation is a close below today’s low.
Price is sitting near a multi-week demand zone (prior swing lows / consolidation base). Weekly supports matter because bigger timeframes filter noise and attract institutional flows.
When price returns to a weekly support and stabilizes, it often transitions from distribution to accumulation.
2) Daily double bottom (pattern)
A double bottom forms when price tests a low, bounces, then retests roughly the same low and rejects it again. That shows buyers defending the level twice.
The neckline is drawn across the swing high between the two lows. A daily close above the neckline confirms the pattern.
3) Volume confirmation
Healthy: rising volume on up-days, especially on the rally from the second bottom and on the neckline breakout. That says demand is active, not just a technical bounce.
4) Risk line (“invalidates below today’s low”)
Your statement “bullish till it holds today’s low” defines a clear invalidity level. If price closes below today’s low, it suggests the second bottom failed—cut risk there.
5) Trade planning (illustrative, not advice)
Entry ideas:
(a) Aggressive: near current price with stop just below today’s low.
(b) Conservative: on a confirmed close above the neckline, or on a pullback/retest to the neckline that holds.
Stops: A few ticks below today’s low (aggressive) or below retest low (conservative).
Management: Scale partial at interim resistance; trail stop under higher lows / 20-EMA on the daily.
6) What would weaken the setup
Weak or declining volume on rallies, repeated rejections at the neckline, or a decisive daily close below today’s low/weekly support.
In short: Weekly support + daily double bottom + volume = constructive. Confirmation comes with a neckline break; invalidation is a close below today’s low.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.