Zacmando

GWO Double Bottom 200SMA

Long
TSX:GWO   GREAT-WEST LIFECO INC
GWO has recently passed the 200MA on the weekly chart signalling a strong reversal in the price trend from bearish to bullish . after price showed a double bottom reversal, the price rebounded to break the resistance and cross over the 200SMA indicating a strong bullish trend . Price showed a similar pattern of a double bottom reversal crossing the 200MA in late 2011/early 2012 leading to a strong rally seeing the price increase almost 50% after breaking the resistance. the price target is 45-47.50 (35%)

Comments

What % of double bottoms are actually a bottom?
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