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Double Top

DLF: Deja vu close observed near resistanceDLF This pattern occurs when two green days appear with equal closes in an uptrend. It might indicate a short term top has been reached. - A new high was made today but there was no follow through buying, which bought it back to previous day's close. - Interestingly this has happened near the high made in March 2021 - It could be a case of a good resistance price. Explaining the pattern : - The stock has been higher, as evidenced by strong green candle on 18th July (previous day). - The next day, the stock opens lower but then it recovers back, tests the previous day's high but eventually closes at the same / similar price as previous day. This is possibly an indicative of short term resistance and may cause much concern with the bulls. Entry can be considered when midpoint of previous day's green candle is broken. SL can be kept at the highest point of last 2 trading sessions ________________________________________________________________________________________________________ - the last 2 days F&O volume has been the highest in this series and is almost 3 times the average volume of previous 16 trading sessions - however the Open Interest has not increased at all. Which prima facie, suggests change of hands, rather than fresh buying interest. F&O strategy for the given set up Consider selling July expiry 340 Call option between 5 - 7.5 Closing price is 6.05 If selling at 5, The strategy will have a max profit potential of Rs 16500/- per lot till 29 July. More importantly, it would have an inbuilt loss protection for a rise up to 345 till expiry. Trust you find the overall analysis useful. Like & Follow But don't just follow me blindly Learn to identify opportunities independently
NSE:DLFShort
by indiamarketoutlook
DOUBLE TOP FOR BECTOR FOOD- POSSIBILITY OF SHORT TERM REVERSALBECTORFOOD has fallen to a low of 328 in March 2021 and has been Bullish since then. It has reached a High of  445 in June and has retraced from the resistance zone at 442-452 range to a low of 395. Now it has reached the resistance zone again and has made a Bearish Pin Bar that is half of the Evening Star Candle Stick Pattern. There is also a Bearish Divergence. So short term the pattern is bearish. To go long we have to wait for break of the resistance zone at 442-452 range and wait for a retest and can go long on a confirmation Bullish Candle for Targets of  502.
NSE:BECTORFOODShort
by eastwind65
Double Top Pattern on SBIDouble Top, a bearish reversal chart pattern explained What is Double Top Pattern ? NSE:SBIN Double top is a trend reversal chart pattern formed after good bullish price move (a continuous price move for a good duration) where the upward price movement looses its steam (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. Once the neck line is broken its fall in price is steep. Understanding Double top in details Double top is formed when the stock moves up for many days and the movement is steep towards the end. And then it falls from there by about 10-15 %. After this it again tries to move up and reaches level of previous high but cannot cross its previous high. After this it again starts falling to a level of neckline. Once it retraces below neckline a downtrend starts. A image representing Double Top Chart Pattern formation Please note that in actual practice, the two top may not be exactly at same level. Generally, second top is a slightly lower level but 1-2 % higher then first level is also acceptable. A significant higher second top may be dealt with lot of suspicion as it may indicate continuation of uptrend. Volume in double Top has a lot of significance as it can help to confirm formation of the pattern. Volume during first top should generally be much higher than volume during second top formation and volume during midpoint formation should be much lower than volume during neckline break out. Please avoid aggressive positioning when volume is not supporting the move. For aggressive traders a strict stop loss is recommended. It is very fairly common to see a pullback near to neck line after formation of the pattern. It should generally be seen as a healthy thing as it gives better confirmation of neckline as resistance. In some case the pull back may happen few times. If this happens too many times then it may not be typical double top pattern. In case of pullback, it is recommended to keep a stop loss of about 3% above neck line.
NSE:SBINShort
by prajwalasp
1
BANK NIFTY ANALLYSIS FOR NEXT WEEK 7 JUNE TO 11 JUNE 2021as per price action you can see bank nifty has created double top bearish pattern in hourly time frame. also bank nifty broke trendline and closed below. 34900 and 35000 good support zone for bank nifty if bank nifty hold 35000 area than we can see bounce from 35000 area towards 35500 level. if global market and Asia market sawing any weakness and bank nifty will break 34900 level than we can see down move up to 34500 34400 level.
NSE:BANKNIFTY
by ronak_saldiya
1
ONMOBILE SHORT+LONG TERM ANALYSIS[b]✔[/b][b]✔[/b]💢Beat One's Brain Out💢 ✔ There's an elephant in the room. ✔ expecting good future. ✔ Interesting business. ✔ Company is almost debt free. ✔ Can see double bottom in monthly frame. ✔ Can see pennant / symmetrical triangle in day frame.and almost near to BO.If it go down,just avoid and wait for a good opportunity. One day chart 👇👇 About the Company OnMobile Global's key product offerings of the Company are Ringback Tones, Digital Content Store and Infotainment. OnMobile is the global leader in Ringback Tones. Note guys this is not a buy recommendation.Do your study 🙏🙏 Hope you guys learned something new Thank You. Like🍂Comment🍂Support
NSE:ONMOBILELong
by ANKITHSHAJU
5
M Top or Double Top Bandhan BankThe Daily chart in Bandhan Bank shows a clear-cut M Top or Double Top pattern. Note that it's a trend reversal pattern. As you can see before the M top it was bullish and After the M top it created a bearish Trend. Let's call the first candle which crosses Neckline as Point B, and the Resistant line as Point A. when the candle finally crosses the neckline after creating M Top or Double Top draw a line from point A to point B. and place it below the neckline that shows the target. It's clearly seen that it has given a significant profit of 16%.
NSE:BANDHANBNK
by rajeevpatil