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Trade insight example
Old Mutual PLC (SA)
23 September 2014
A double bottom chart pattern has formed on Old Mutual. This pattern occurs when prices form two distinct lows on a chart. A double bottom is only complete, however, when prices rise above the high end of the point that formed the second low. Trading the double bottom can be done in one of two ways:
- Enter into a long position as soon as the price breaks the neckline (a) of 3625. The stop can be placed just below the lows of the pattern (b) whilst we measure the height of the pattern and extend that up to reach our target price of 3865 (c).
- Another option is to wait for the price to close above the neckline (a), indicating a confirmation of a breakout. Then look to enter into a long position once the neckline is retested as support. The stop can now be placed just below the new support line (a) while the target (c) remains the same as with the first example. - Mandie Venter, Premium Client Manager
Old Mutual PLC, 23/09/2014
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