Unequivocally, Yes. And here's why:
Himax just had a double bottom and today cleared the top point of the first trough with strong volume. Technically very bullish chart signal. Trough bottoms were on Aug 19 and Aug 27 and were a penny apart.
Sentiment: Strong Buy
Alright quick question because I disagree, and I'm really just trying to educate myself. Because I may very well be wrong and I can't find anything online for reference. I am basing my knowledge from "the encyclopedia of chart patterns 2nd edition" by Thomas Bulkowski
He states that the following must apply for the chart to qualify as a double bottom:
1. downward chart pattern. The bottom of the first eve should be the lowest bottom. In HIMX's case, this chart is in an upward trend, and the first eve is not the lowest point. (many lower points precede it)
2. the bottom low prices should be almost identical. no more than 1% variation. I see roughly an 18% variation between the 2 bottoms in HIMX's case.
The only two things that constitutes a double bottom is the rise in between 2 dips. I think a better indicator is the chart following it's 28 week moving average as support.
Can the right bottom be higher than the left bottom to constitute a double bottom? I also recognized similarities to the double bottom pattern, but not being able to answer this question is driving me crazy! Someone please help!
Today's volume looks impressive, somebody knows something. I do not think this is a headfake at all. The upcoming conference should be interesting. I think this stock breaks out, what's not to like. We will cross 9's by Oct/Nov IMO. Just a guess.