Ignoring the poorly drawn chart but focusing on what may be a double bottom on the weekly chart, I would be interested to get the thoughts of some more knowledgeable chartists.
Of what I've learnt of double bottoms:
- Volume should be higher on the first bottom than the second bottom
- The bottom price does not need to be perfectly the same at each bottom, but very close
- The volume coming out of the second bottom should increase as price increases
- Generally after the resistance out of the second bottom is cleared, there will be a pullback from the top on lighter volume back to what is now the support, and price should not fall below that support
- The next leg up (we've not yet confirmed) should see further increases in volume with price
The weekly chart below to me seems to fit this criteria
FRX Chart, page-252
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