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Developed at Definedge.
A weak breakout is a P&F bullish reversal pattern.
1 – After the double bottom sell pattern, the price did not move more than two boxes
2 – Positive column reversal
The price did not fall significantly after the double bottom sell pattern was formed. As a rule of thumb, if price did not fall more than 2 boxes below the previous low, and turned to a column of ‘X’ – there is a bullish weak breakout pattern.
A bullish weak breakout represents a reversal of the trend or a bullish pullback.
Prashant Shah introduced this pattern in his book on P&F charts.
Click here to learn more about the pattern.
This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.