Double Bottom Pattern Formation - Potential Bullish Reversal
2024-11-18

The price chart suggests a potential Double Bottom pattern forming around the key support level of 86,000. This pattern is a classic bullish reversal signal, indicating the possibility of a trend change from bearish to bullish.

Key Observations:
Support Zone: The area near 86,000 has acted as a strong support, marking the lowest point in the current pattern.
Neckline Resistance: The interim resistance around 89,920 is critical. A breakout above this level would confirm the Double Bottom pattern.
Bullish Target: Once the pattern is confirmed, the price may aim for the next resistance at 93,000.
Trade Plan:
Entry Strategy:

Conservative: Enter a long position upon a confirmed breakout above 89,920.
Aggressive: Consider buying near 86,000, placing a tight stop loss below this level.
Stop Loss:

Place a stop loss slightly below 86,000 for aggressive entries.
For breakout entries, use a stop loss below 89,000.
Take Profit Levels:

First Target: 91,000 (short-term resistance).
Second Target: 94,000 (major resistance zone).
This analysis assumes market volatility aligns with the identified pattern and no major fundamental news disrupts the trend. Always apply proper risk management strategies.