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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.
Robert Gray
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Robert Gray
Robert Gray joined FOX Business Network in October 2007 as a general assignment business news reporter based at the New York Stock Exchange.
Prior to joining FBN, Gray was a reporter and weekend anchor at Bloomberg Television. In his role as reporter, Gray was the on-site reporter at the New York Stock Exchange. He covered the financial markets and generated stories on trends and moves in individual stocks, industry groups, and the market as a whole. As the weekend anchor, Gray wrote, edited, produced and presented a market wrap-up show.
Before Bloomberg, Gray was a producer, writer and affiliate relations manager for nationally syndicated radio programs, as well as an announcer for C-SPAN and C-SPAN 2. He also was a freelance writer for CNN and CNNfn, where he wrote national, international, sports and business stories.
Gray began his career as a news anchor on Radio Metropolis 106.2 FM in Prague, Czech Republic. There, he helped launch the nation's first English-language radio station. He wrote and presented news, business and sports reports.
Gray is a graduate of the University of North Carolina at Chapel Hill.
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