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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.
Eric Bolling
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Eric Bolling
Contributor, FOX Business Network
Eric Bolling joined FOX Business Network (FBN) as a contributor in March 2008.
Currently, Bolling serves as an independent trader based out of the New York Mercantile Exchange (NYMEX), the world’s largest trading center for energy. He specializes in trading a variety of commodities such as crude oil, gold and agricultural commodities. Bolling also actively trades equities, options and derivatives and is a member of the Intercontinental Exchange (ICE), the NYMEX and the Commodities Exchange of New York. He served on the NYMEX’s Board of Directors for five years, and subsequently acted as a strategic advisor there.
Prior to this, Bolling served as a CNBC contributor for two years, where he spent a year and a half as a panelist on Fast Money. He also was the recipient of the Maybach Man of the Year award at the Trader Monthly Awards in January 2007.
A graduate of Rollins College in Winter Park, Florida, Bolling was awarded a fellowship to Duke University’s School of Public Policy.
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