Double Top, a Bearish reversal chart pattern
It is a trend reversal chart pattern formed after good bullish price movement (a continuous upward price movement for a good duration) where the upward price movement loses its steam (formed a first top) and it retraces a bit (to neck line or mid point).
Then again it moves in direction of original trend and reaches the first top level there by forming second top. It again cannot move above first top and start moving to neckline (NL).
Once the neck line is broken its fall in price is steep. There starts a downtrend.
Target : The Height of the highest tops to the bottom neckline will be taken as a target.
Stoploss : It is recommended to keep a stop loss of last High above the neck line.
If nifty Break Down Below 21650 then go shorting it may touch below levels with a stop loss of 21900.
Level 1 20165
Level 2 20000
All above assumptions goes wrong If Nifty closes above 21900 then a very fast upside will be witnessed double upside.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thankyou.
It is a trend reversal chart pattern formed after good bullish price movement (a continuous upward price movement for a good duration) where the upward price movement loses its steam (formed a first top) and it retraces a bit (to neck line or mid point).
Then again it moves in direction of original trend and reaches the first top level there by forming second top. It again cannot move above first top and start moving to neckline (NL).
Once the neck line is broken its fall in price is steep. There starts a downtrend.
Target : The Height of the highest tops to the bottom neckline will be taken as a target.
Stoploss : It is recommended to keep a stop loss of last High above the neck line.
If nifty Break Down Below 21650 then go shorting it may touch below levels with a stop loss of 21900.
Level 1 20165
Level 2 20000
All above assumptions goes wrong If Nifty closes above 21900 then a very fast upside will be witnessed double upside.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thankyou.