Noble - 29 Dec 2016

 MONTHLY CHART

Trend - Downwards
Divergence - Stoc, MACD histogram



WEEKLY CHART

Trend - Sideways
Divergence -  NO





DAILY CHART

 Trend - Sideways
Divergence - STOC, MFI
Conclusion - will MOVE UP for SHORT TERM

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Trend - Sideways
Divergence - Stoc - will move up to target 0.205


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Why DOUBLE TOP fail :

1. Inbound trend duration shorter than the pattern duration.
Inbound trend duration should be DOUBLE the pattern duration

2. Volume of pattern NOT descending.
Volume of the pattern should be descending. The volume of second top should be less than volume of first top.

3. 50dma is still trending upward inside the pattern.
50dma should have TURN downwards inside the trend.



Concern with reliability of this DOUBLE BOTTOM pattern :

1. Duration of inbound trend shorter than the duration of pattern

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30 mins Chart

Assuming if DOUBLE BOTTOM is successful :

Target : 0.178, 0.185, 0.186
Entry : 0.172 (based on 30 mins chart)
Stop Loss : 0.170

Reward : Risk
0.013 : 0.002
6.5 : 1

or

Target : 0.185
Entry : 0.173
Stop Loss : 0.172

Reward : Risk
0.012 : 0.001
12 : 1