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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
Elizabeth MacDonald
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Elizabeth MacDonald
Prior to joining FBN, MacDonald was a senior editor at Forbes Magazine, where she covered stock market and earnings news. She was also a regular guest on the FOX News Channel (FNC), appearing on "Forbes on Fox¿ and "Your World with Neil Cavuto."
Before Forbes, MacDonald covered stock market, earnings and accounting abuses for The Wall Street Journal's Money & Investing section, with front page stories and ¿Heard on the Street¿ columns. Prior to that, she was a financial editor for Worth magazine and covered the IRS and taxes for Money magazine.
Recognized as one of the top prize-winning business journalists in the country, MacDonald has received 14 awards, including: the Gerald Loeb Award for Distinguished Business Journalism; the Society of Professional Journalists' Award for Outstanding Public Service reporting; and the Newswomen's Club of New York Front Page Award for Excellence in Investigative Journalism.
MacDonald is a native of Rockville Center, New York.
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