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Ziddi bears pattern indicates that bears are stubborn and are not willing to let prices rise.
This pattern indicates that the consecutive double top buy signals were not very successful. Despite the signals, the price did not rise much, and the columns immediately turned into a bearish ‘O’. The last column shows a double bottom and a bull trap bearish pattern. This tells us that the bears weren’t letting prices rise and are now likely to take them down.
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 Add study menu in TradePoint & Patterns in 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.