Nice observation, Jetson. Let's look at some definitions as can be found plentifully on the internet (e.g. http://www.trending123.com/patterns/double_bottom.html).
Time between bottoms should be more than just a few days. We have about 6 months which would make this quite a strong pattern. What bothers me in this context is the fact that the preceding downtrend also only took 6 months.
Volume higher on the first bottom than on the second, also fits the description.
Rise between bottoms should be at least 10-20%. We have 80%.
However, statistics indicate that the failure rate of a non-confirmed double bottom is in excess of 60%. Once it is confirmed the failure rate drops to less than 8%.
So this is the crux: Confirmation would mean for the sp to break above 90cps and then for this level to become support. A few more trading sessions to go until we know.
CCU Price at posting:
71.8¢ Sentiment: Hold Disclosure: Held
