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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.
Sandra Smith
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Sandra Smith
Sandra Smith joined FOX Business Network as a reporter in October 2007.
Prior to joining FBN, Smith was an on-air reporter for Bloomberg Television. In this role, she covered U.S. equities and derivatives markets and contributed to breaking news and analysis.
Before Bloomberg, Smith was the Director of Institutional Sales and Trading at Terra Nova Institutional, where she handled investment management and hedge fund accounts. She also assisted in the development of program trading models for existing and prospective clients. Prior to this, she was a trader at Hermitage Capital, where she executed U.S. equities and options orders, conducted portfolio analysis, prepared commission reports and serviced clients.
A graduate of Louisiana State University, Smith began her career as a research associate at Aegis Capital. There, she assisted in the research and analysis of retail stocks, prepared weekly stock newsletters to clients and identified investment opportunities.
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