Double Bottom? This Powerful, Positive Indicator Could Be Forming
The formation of a double bottom (a second drop to, but not below, a previous low) is a well-liked, positive indicator. This price support in the face of previous weakness shows that buyers are stepping in and offsetting sellers. This sign, in turn, can produce confidence that the previous decline is ending, thereby bringing sidelined investors back into the market.
Thursday’s sell-off has the look and timing of such a double bottom formation…
This article is posted on SeekingAlpha.com