Swan Energy: Double Bottom Formation Suggests Potential Reversal

The chart is actually showing a double bottom pattern. This pattern is characterized by two consecutive low points, followed by a rebound.
Technical Analysis:
* Double Bottom: The formation of two similar low points suggests a potential reversal of a downtrend.
* Neckline: The line connecting the highs between the two lows acts as a neckline. A breakout above the neckline could confirm the bullish reversal.
* Volume: The volume appears to be increasing during the formation of the double bottom, which is a bullish sign.
* Moving Average: The 50-day moving average (MA) is currently below the price, indicating a bullish bias. A break above the MA could further confirm the uptrend.
Trading Strategy:
* Wait for Breakout: A conservative approach would be to wait for a clear breakout above the neckline with increasing volume.
* Stop Loss: Place a stop loss below the recent low to limit potential losses.
* Target: The target could be based on the height of the double bottom or technical indicators like Fibonacci extensions.