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Double Top

Double Top (M) Chart Pattern What is Double Top Pattern? A double top chart pattern is a bearish reversal chart pattern that is formed after an uptrend. This pattern is formed with two peaks above a support level which is also known as the neckline. The first peak is formed after a strong uptrend and then retrace back to the neckline. After reaching back to its neckline, the price becomes bullish and rises again to form the second peak. The formation of this pattern is completed when the prices move back to the neckline after forming the second peak. When the prices break through and closed (daily) the neckline or the support level then the bearish trend reversal is confirmed. # Trading with Double Top:- *Firstly one should see the market phase whether it is up or down. As the double top is formed at the end of an uptrend, the prior trend should be an uptrend. * Traders should only enter the short position when the price break and closed in daily time frame below the support level or the neckline. # Stop Loss: In the case of a Double Top chart pattern, the stop loss should be placed at the second top of the pattern or as per your risk reward. # Price Target: The price target should be equal to the distance between the neckline and the tops. Kindly Let us know if you have any question . Thank you .
NSE:NIFTYEducation
by PrasantaP
8
Bandhan Bank Chart AnalysisDouble Top Pattern 1. Double Top Pattern is a Trend Reversal Pattern. 2. In this case the trend prior to the Double Top Pattern was clearly an Uptrend. 3. Bandhan Bank broke the confirmation line and a good entry, in this case, would have been @ 374 on 15.01.2021 using the Retest Entry Technique. 4. Target would have been the Height of the Double Top Pattern or 2R. Ascending Triangle Pattern 1. Ascending Triangle Pattern is a Trend Continuation Pattern and should be identified in an Uptrend. 2. Similarly, Descending Triangle Pattern is also a Continuation Pattern and should be identified in a Downtrend. Bandhan Bank is forming an Ascending Triangle Pattern in a downtrend. Is it still valid to trade this pattern?. Nonetheless, the fact here is that the buyers seem to be in control forming higher lows and if the resistance of 350 is broken we can go for a long trade with a target of 380 (confirmation line of the double top pattern) or 400 (width of the base of the triangle). But it all depends on how the stock behaves at the breakout or breakdown.
NSE:BANDHANBNK
by arunkrmishra2000
44
ultratechcemco good trade possibility#ultratechcement showing weak signs with nifty breaking its trendline today, market may be bearish for the next week also, RSI is near 40. if ultratechcement breaks trendline, you can easily short it for good profits if it takes support at the support zone, then go for a long position. market is supreme and we should always respect the trend #stockmarketindia #intradaytrading #intradaytrader #intradaytips #intradaystrategy #intradaytrading #intradaytrader #intradaytips #intradaystrategy #sharemarket #nifty #banknifty #bnf #bankniftyoptions #bankniftystrategies #sharemarketindia #sharemarketstudies #technicalanalysis #equitymarket #finance #like4like #business#stock #likeforlike #stockmarketindia #nse #nseindia #bse #bseindia #bsesensex #nifty #like4like #intraday #intradaytrading #intradaylong #trading #positional
NSE:ULTRACEMCOShort
by samparkamaity65