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Double Top

Axis Bank | Double Top patternAxis Bank had been on a good bull run tracing a rising channel. Strength in bulls looks to have lost steam where it couldn't make new highs. Right now, looking at the chart we could identify a Double top pattern with neck level at 760. Yesterday's close below the neck level has confirmed the pattern and it would be right to take bear bias. However do look for a retracement for better entry to manage risk-reward. Target according to the pattern comes in at 700. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:AXISBANKShort
by AkhilSuryaFS
1
Tata Steel | Double TopDouble Top pattern spotted in Tata Steel . Pattern is confirmed as price has broken below 500; neck level retesting looks to have done already. Pattern suggests a target of 485. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:TATASTEEL
by AkhilSuryaFS
ABB Ltd | 3 way Trade strategies Trade strategy for ABB India Ltd can be approached by 3 ways. Below are the ways mentioned, 1. Since 1620 is good resistance, shorts can be initiated at current levels with stops above previous traded high of 1640. Exit points can be either on i)Rising trendline level or ii)Support area between 1547 & 1567 or iii) 1505/10 2. If the stock breaks the above mentioned resistance and closes above 1620/40 (where eventually the earlier short would be stopped out), go long with stop below 1600 with potential exit point as indicated by Bullish flag @ 1825. 3. If the stock continues to fall and breaks down below 1500 on closing basis, we could get a confirmation of a double Top pattern. In this case, we can initiate short with target as indicated by the pattern @ 1386. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:ABB
by AkhilSuryaFS
INFOSYS | Double Top patternDouble Top pattern spotted in Infy. Pattern is confirmed as price has fallen below the neck level. Thus the stock can be expected to fall to 720. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:INFY
by AkhilSuryaFS
2
Tech Mahindra | Weakness persistsTech Mahindra appears weak in chart. Earlier there was a Double Top pattern and currently we could see a valid Bear Flag pulling price downwards. Now that the stock is hovering around double top target levels of 700, which also being a round number the stock might pick it as a support and perform some recovery. However, the recovery to be considered as a trend reversal, a strong break above 720 will be necessary. Or if the weakness continues and price falls below 690/700 the chances of Bear Flag target being achieved will go up significantly higher. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:TECHM
by AkhilSuryaFS