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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.
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Thursday, May 08, 2008
RBA Says Inflation To Remain Above Its Target Until End 2010
Chris Oliver
MarketWatch Pulse
HONG KONG -- The Reserve Bank of Australia increased its inflation forecasts for this year, noting underlying CPI is to remain above its target band until late 2010 at the earliest, dampening expectations interest rates could fall from their current 12-year high of 7.25% any time soon. The central bank forecast growth in the headline CPI will rise to 4.25% by June and peak at 4.5% in December, eventually falling back to 2.75% by the end of 2010, the central bank said in its quarterly monetary statement. The central bank said there are major risks its estimates could be off the mark in either direction owing to "contrasting forces" that are likely to affect the economy in the period ahead. Pressures on wages and capacity constraints may ebb against the backdrop of slowing global growth and tighter financial conditions, although improvements in terms of trade, driven by soaring commodity prices, could add to economic stimulus and lead to another spike in domestic prices.
Copyright © 2008 MarketWatch, Inc.
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