What is a Double Bottom?
Double Bottom Definition:
In Technical Analysis, a double bottom is a bullish reversal chart pattern that is found at the end of a downtrend. At the end of a downtrend, the price makes two consecutive troughs with lows that are just about equal and a peak in between. It generally resembles a price action similar to “W.” A breakout occurs when the price moves above the recent peak (neckline). Here, a price target is usually set by projecting the height of the peak from the point of breakout.