CB: targeting the target of the double bottom pattern
Double Bottom Pattern: The stock has formed a classic double bottom pattern, which is often viewed as a bullish reversal signal. This pattern has two distinct lows (labelled as "Bottom 1" and "Bottom 2") at roughly the same price level, suggesting that the stock found strong support and buyers stepped in at those levels.
200-day Moving Average: The stock price recently breached the 200-day moving average, a positive sign as this is often considered a key level. A price above this average suggests the medium-term trend might be bullish.
Fibonacci Retracements: The stock appears to have found some resistance near the 0% retracement but has the potential to move towards higher retracement levels if the bullish momentum continues.
Target and Stop Levels: Based on the chart, the potential target is set at 224.00 (a gain of +3.6%), while the stop-loss is suggested at 212.00 (a possible loss of -1.9%). This provides a favourable risk-reward.
Increase Exposure Point: The chart indicates a suggestion to increase exposure around the 219.00 price level, which might be based on some key support or previously observed price action.
200-day Moving Average: The stock price recently breached the 200-day moving average, a positive sign as this is often considered a key level. A price above this average suggests the medium-term trend might be bullish.
Fibonacci Retracements: The stock appears to have found some resistance near the 0% retracement but has the potential to move towards higher retracement levels if the bullish momentum continues.
Target and Stop Levels: Based on the chart, the potential target is set at 224.00 (a gain of +3.6%), while the stop-loss is suggested at 212.00 (a possible loss of -1.9%). This provides a favourable risk-reward.
Increase Exposure Point: The chart indicates a suggestion to increase exposure around the 219.00 price level, which might be based on some key support or previously observed price action.