100% Bottom Breakout Confirmed! There is no head and shoulders, it fails 2 key volume tests.
From Stockcharts.com... Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline* from the peak of the head. Final confirmation comes when volume further increases during the decline of the right shoulder*.
*In both cases volume decreased on the decline. This is normal and healthy for a stock to experience a light volume pull back.
There is little doubt we have a double bottom, possible triple bottom breakout pattern in effect. This was confirmed after yesterdays close. Both are very strong bullish signals that a trend reversal is near!
Make sure you check volume levels and other tests as they are very important in technical analysis. There are some good sites out there like stockcharts.com where you can learn more about T/A.
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