Widad was dipped by 50% from Fibonacci resistance area at 0.80 and found support at Fibonacci sell target 1.618 at 0.39, forming a Double Bottom reversal pattern. A bullish bias has emerged above the Double Bottom as the price has violated the downtrend line followed by a stronger buying volume coincide with buy signal seen on daily Stochastic . Theoretically, the target price of a double bottom is measured by the height of the pattern.
Meanwhile, a reversal below support level 0.39 would negate this expectation.
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