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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.
Rebecca Gomez
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Rebecca Gomez
Rebecca Gomez joined FOX Business Network as a co-host in September 2007. She currently serves as a business correspondent for FOX News Channel (FNC), providing daily market updates and regularly appearing on Your World with Neil Cavuto and the Cost of Freedom business block on Saturdays.
Gomez joined FNC as a news update anchor when the network launched in 1996. She later served a Los Angeles-based correspondent and was then named a New York-based correspondent in February 2003. In this position she provided regular updates on the war in Iraq.
Prior to her tenure at FNC, Gomez worked as an anchor/reporter for Lifetime Television and as a business writer for The Associated Press. She also worked as a reporter/anchor for local affiliate television stations in McAllen, Texas; Phoenix, Arizona; and San Diego, California.
She is a graduate of the University of Maryland's College of Journalism and is a San Jose, California native.
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