Double Top reversal pattern plotted on BANKNIFTY.

Daily TimeFrame:
Pattern name, Double top

  • The prior trend was an uptrend.
  • 2nd peak has less than 3% penetration compare to 1st peak which is valid for the pattern.
  • Gap has seen in second peak.
  • Neck Line is clear at 26576.
  • A trough is rounded as per Double Top required.
  • a decline in the second peak with accelerated descent
  • Currently existed support at 28458 (resistance turned support).

After breaking 28458, we can see next level 27466 which is a retracement of 0.618.

All major supports and resistances are plotted on the chart from 2012 to 2020 with the strong and tight channel.

Here are two channels being seen in a large channel drawing a small channel inside a chart. A small channel having support which is sign for reversal at the support 28147(Resistance can be current support)

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