CEAT LTDLong
Understanding the Double Bottom
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. The double bottom looks like the letter "W". The twice-touched low is considered a support level.
It solely depends on the individual on the interpretation of double bottom. Few consider and enter the trade after "W" formation while a few get in after the 2nd low formation based on the candle formation and volume confirmation. Moreover the pattern is forming at a strong support level and favorable risk:reward ratio.
One can have a stop loss at 1200.
Financials:
Assets on balance sheet consistently improving with a significant growth rate.
Cash flow from Operating activity: Increasing by leaps and bounds and is at highest of all time
In terms of operating efficiency: Negative cash conversion cycle and negative working capital days
Operating Profit Margin improving; Company has reduced debt;
DII,FII,Promoter: reduced their stake in the last financial year
#TradeTheTrend#FundamentalPick#TechnicalPick
It solely depends on the individual on the interpretation of double bottom. Few consider and enter the trade after "W" formation while a few get in after the 2nd low formation based on the candle formation and volume confirmation. Moreover the pattern is forming at a strong support level and favorable risk:reward ratio.
One can have a stop loss at 1200.
Financials:
Assets on balance sheet consistently improving with a significant growth rate.
Cash flow from Operating activity: Increasing by leaps and bounds and is at highest of all time
In terms of operating efficiency: Negative cash conversion cycle and negative working capital days
Operating Profit Margin improving; Company has reduced debt;
DII,FII,Promoter: reduced their stake in the last financial year
#TradeTheTrend#FundamentalPick#TechnicalPick
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