This if it is a Double Bottom. To affirm that this a (W) I need three things:
*First I need distance between the first floor and the second rebound around the same price level, distance means months or years, let me explain the first floor in the 3.00 area was in February 2016 and the second rebound in this same area of support was in July 2017 there are one year and five months between the two rebounds in the same areas (3.00), but for the moment I only have a big tested support.
*Second I need upwards price action accompanied of a resistance breakout and i need to establish what is the resistance level based in the past behavior of the price, in this case 10.00 is the resistance level.
* Third I need the breakout of the 10.00 resistance level, with your respective pullback and the testing of this level and turning it in a new support level.
But this levels are now history, but this does no mean that you can not entry in this trend, you do not need to be the first, obviously you will pay more for the shares but the trend is now more recognizable and it can be said that it is still in the initial phase and we have more solid arguments like a strong energy industry
Now continuing with the idea, the price breakout a key resistance level at (15.00) and now is making a retracement that is a good opportunity to entry. that is all
In this occasion I do not give price targets, everyone can handle this idea as best they want.
Please do not damage or break it.
*First I need distance between the first floor and the second rebound around the same price level, distance means months or years, let me explain the first floor in the 3.00 area was in February 2016 and the second rebound in this same area of support was in July 2017 there are one year and five months between the two rebounds in the same areas (3.00), but for the moment I only have a big tested support.
*Second I need upwards price action accompanied of a resistance breakout and i need to establish what is the resistance level based in the past behavior of the price, in this case 10.00 is the resistance level.
* Third I need the breakout of the 10.00 resistance level, with your respective pullback and the testing of this level and turning it in a new support level.
But this levels are now history, but this does no mean that you can not entry in this trend, you do not need to be the first, obviously you will pay more for the shares but the trend is now more recognizable and it can be said that it is still in the initial phase and we have more solid arguments like a strong energy industry
Now continuing with the idea, the price breakout a key resistance level at (15.00) and now is making a retracement that is a good opportunity to entry. that is all
In this occasion I do not give price targets, everyone can handle this idea as best they want.
Please do not damage or break it.