WORK has had an extended amount of time in the penalty box. Appears it is time to let go of the bottom and swim up to the surface.
Support is not too far under price compared to many securities. If you did not get this at long entry leve and you are interested, one bad day in the market or a pull back can get you a bit closer.
I saw this at the bottom and noticed smart money saw it as well. NV is high as is OBV
I do not see any bearish Rising wedges in the yearly chart
The double bottom is a trend reversal formation. It may not be near the yearly, monthly or weekly bottom for that security. but it would most likely occur after a significant pull back
These formations occur after extended downtrends when two valleys or “bottoms” have been formed.
Price forms two valleys because it possibly found strong S and does not go below a certain level.
As a rule, the second bottom isn't able to significantly break the first bottom. This is a sign that the selling pressure is about finished, and that a reversal is about to occur. A double bottom resembles the letter W.
Caution though, as there can be multiple bottoms..ie... FDX traded in a multiple bottom pattern for a long time. EHTH fooled me recently by falling down again. We just never know.
Happy Trading (o:
Support is not too far under price compared to many securities. If you did not get this at long entry leve and you are interested, one bad day in the market or a pull back can get you a bit closer.
I saw this at the bottom and noticed smart money saw it as well. NV is high as is OBV
I do not see any bearish Rising wedges in the yearly chart
The double bottom is a trend reversal formation. It may not be near the yearly, monthly or weekly bottom for that security. but it would most likely occur after a significant pull back
These formations occur after extended downtrends when two valleys or “bottoms” have been formed.
Price forms two valleys because it possibly found strong S and does not go below a certain level.
As a rule, the second bottom isn't able to significantly break the first bottom. This is a sign that the selling pressure is about finished, and that a reversal is about to occur. A double bottom resembles the letter W.
Caution though, as there can be multiple bottoms..ie... FDX traded in a multiple bottom pattern for a long time. EHTH fooled me recently by falling down again. We just never know.
Happy Trading (o: