SCTY - Double Bottom
On Feb. 10 2016 SCTY hit a new lower low after failing to break its strong resistance late Nov. Following the new low ($16.31) we there is an increase in volume forming our peak - Neckline. During the peak there seems to be high interest, but with insufficient amount of buying pressure the price drops to our support $16.50 forming the second leg.
1) -/+ 3% fluctuation from our first leg is significant indicator of the 2nd leg formation. In SCTYs case, the lows of both legs are almost identical. 3 months apart.
2) the increase in volume during both troughs is also a significant indicator of accumulation
A break through the neckline with high volume gives a buy signal with a PT of about $50
RSI is also used to confirm momentum change throughout Double Bottom pattern.
1) -/+ 3% fluctuation from our first leg is significant indicator of the 2nd leg formation. In SCTYs case, the lows of both legs are almost identical. 3 months apart.
2) the increase in volume during both troughs is also a significant indicator of accumulation
A break through the neckline with high volume gives a buy signal with a PT of about $50
RSI is also used to confirm momentum change throughout Double Bottom pattern.
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