NSE: NTPC [ Double bottom consolidation is seen with significant volume ]

Double Bottom Formation: 

• Double bottom formation and  breakout is seen with significant volume in daily charts.
• Stock may test on the upside the levels of 125, 128.6.
• Stock may face minor resistance at 123.5
• Stock is having support at levels of 122, 119.
• Intraday support is placed at 122.5
• Stop loss is placed at 118.

Indicators:

• RSI :RSI formed double bottoming pattern  and showing a positive divergence at second bottom, and consistently moving up.
• STOCHASTIC :  very close to turning up.
• MACD:  It is turning-up, and histogram bars are also rising
• BOLLINGER BANDS : They are contracting and flattening indicating a  base formation.
• 30 SMA : Stock is trading above 30 day simple moving average.
• VOLUME :  Double bottom consolidation is  seen with significant activity in volume.