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  • Broadening Tops and Bottoms Chart Patterns

Broadening Tops and Bottoms Chart Patterns

  • Posted by Abhilash Bandari
  • Date September 7, 2020
  • Comments 89 comments

Broadening Tops Chart Pattern

  • This pattern is observed after a huge upward trend.
  • The price at the start of the pattern is higher than the price at the start of the trend.
  • Higher peaks and lower valleys are observed during the pattern.
  • The top trendline slopes upwards and the bottom trendline slopes downwards.
  • There should be at least five trendline touches within the pattern, i.e., three top trendline touches and two bottom trendline touches or vice versa.
  • The breakout can occur in either direction when the price cuts through the established trendline. Trend continual or trend reversal depends on the direction of the breakout.
  • The pattern is given the name ‘broadening tops’ as the channel enlarges before breakout, in an upward trend.

 

  • Traders should look into the probability of trend continual and trend reversal, before entering the trade. There is an upward trend 61% of the time.
  • Traders can start buying when the price rebounds higher for one last time in the channel, before breaking out of the trendline. Similarly, traders can sell when the price rebounds lower for one last time before breaking out of the trendline.

 

Broadening Bottoms Chart Pattern

  • It is similar to the broadening tops chart pattern, the only difference is the trend.
  • This pattern is observed after a huge downward trend.
  • The price at the start of the pattern is lower than the price at the start of the trend.
  • Higher peaks and lower valleys are observed during the pattern.
  • The top trendline slopes upwards and the bottom trendline slopes downwards.
  • There should be at least five trendline touches within the pattern, i.e., three top trendline touches and two bottom trendline touches or vice versa.
  • The breakout can occur in either direction when the price cuts through the established trendline. Trend continual or trend reversal depends on the direction of the breakout.
  • The pattern is given the name ‘broadening bottoms’ as the channel enlarges before breakout, in a downward trend.

 

  • Traders should look into the probability of trend continual and trend reversal, before entering the trade. There is an upward trend 59% of the time.
  • Traders can start buying when the price rebounds higher for one last time in the channel, before breaking out of the trendline. Similarly, traders can sell when the price rebounds lower for one last time before breaking out of the trendline.
  • Share:
author avatar
Abhilash Bandari

Previous post

Dead Cat Bounce and Inverted Dead Cat Bounce Pattern
September 7, 2020

Next post

Diamond Top and Bottom Chart Pattern
September 15, 2020

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Company Summary

Bajaj Electricals Limited is engaged in engineering and projects; power distribution, illumination and consumer durables businesses.

It has a range of domestic and kitchen appliances comprising water heaters, room heaters, coolers, irons, mixers, induction cookers, toasters, kettles, microwave, rice cookers, gas stoves, non-electrical kitchen aids and pressure cookers.

It offers ceiling, table, pedestal, wall, fresh air and industrial fans, and lighting solutions, such as light sources, light emitting diode-based lighting products, domestic luminaires, torches and lanterns.

Key Highlights of Company Business

Segments and Products

The Company's business segments consist of

  1. Lighting;
  2. Consumer Durables;
  3. Engineering & Projects,

The Lighting segment includes lamps, tubes and luminaries.

The Consumer Durables segment includes appliances and fans.

The Engineering & Projects segment includes transmission line towers, telecommunications towers, highmast, poles and special projects.

The Others segment includes diecasting and wind energy.

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