Double Top
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)
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)
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)
Bandhan Bank | Double TopDouble Top pattern spotted in Bandhan Bank . Pattern is confirmed as price has broken below 532-542 range. Pattern suggests a target of 436 which is 18% downside.
UPL | Double Top SpottedDouble Top pattern spotted in UPL Limited. Pattern is confirmed by breaching 987 levels. The stock can be expected to fall by about 5% towards 934. Do notice that rising Trendline is broken.
Britannia looks Bearish with H&S Britannia looks Bearish with Head & Shoulder pattern, also there is a formation of double top.
Minimum target: 2910 and trail stop loss to cost price
Maruti looking weakA decisive break below 6900 can easily take it down to 6500. S&R levels mentioned in chart.
HCLTECH Weekly bearish shortNSE:HCLTECH HCLTECH weekly double top and rsi negative divergence... SHORT SHORT SHORT
EUR/GBP Technical analysisThe EUR/GBP pair has formed a double top formation.
It has the broken the support level and is currently consolidating below that.
Also, the MACD indicator is printing in bearish territory.
Hence we expect the pair to be bearish and find support at 0.85097.
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Trading Strategy
Long Term Strategy
Plan A
Expect Explosive Move Upside -------Only Above 895-Double Top & Targets – 1200/1350/1600/1750 in next few years ahead
Plan B
Holding Below 895 –Double Top –Expect Downside Move &
Targets –
697/700
620/630
500/525
Going Below 500 – We shall review later & we don’t deny downside targets of 450/350/250 years ahead.
Previous Ideas
22nd Aug 2016
20th Oct 2016
13th May 2017
8th Nov 2017
1st June 2018
5th Dec 2018
Thanks for watching this video & Your Support ----------- “Don’t forget to support and share”.
M&M Forming Double Top Pattern.M&M Forming Double Top Pattern, one can go long if sustain above 652 but break the 652 resistance will take it to 642, 625 which is most likely.
GBP/USD Technical analysisThe sell on the fact trade which emancipated friday has come to a halt in the counter.
The pair has made a double top in the 15 min chart.
It broke the critical support level of 1.29173 as well.
Further the MACD has turned bearish and the histogram bars are gaining strength.
Hence we expect the pair to move to the support levels of 1.28719.
EUR/GBP Technical analysisThe bulls effort to cross the resistance of 0.86784 seems in vain in the counter.
The bears have stamped their authority by resisting and rejecting the price action above the value of 0.86750.
Now, the counter has formed a double top pattern in the hourly chart, which is a strong reversal pattern.
Also, the ROC indicator has crossed into the negative territory.
All indications point only one thing in the counter - ‘bear strength’.
Hence we expect the pair to come down to the support level of 0.86394.
USD/CAD Technical analysisThe resistance of 1.33914 seems invincible for the bulls, holding it down for a month.
The pair has now formed a double top pattern at the resistance and broke the critical support of 1.33668 too.
The breakout of the support also yielded a follow through in the RSI indicator, which also formed a double top pattern.
Now, the pair is being resisted by the broken support.
Hence, we expect the pair to move to the support at 1.33370.
GBP/JPY Technical analysisThe counter is brimming with bearish signals technically.
In the price action front, the pair has formed a double top pattern and broke its critical support of 146.327 as well.
A bearish trend line drawn from the highs is also pushing the price downwards.
In the indicator front, the RSI has formed a head and shoulder pattern in the hourly chart. The neckline of the pattern is resisting the bullish momentum.
And the entire structure can be attributed to a corrective ABC wave as well.
Hence, we expect the pair to continue its course to supports of 145.693 and 145.138.
NZD/USD Technical analysisThe double top pattern in the 30-min chart indicates the end of bull trend in the short term charts.
The pair has also broke the critical support level of 0.67762.
Hence we expect the pair to trade with bearish bias in the near-term.
MOMENTUM TRADE IN HPCL/HINDPETRO APRIL (FUT)MOMENTUM TRADE IN HPCL/HINDPETRO
APRIL FUT
SHORT@267
STOP@272
TARGET@257
LOT:2100
QTY:2
AUD/USD Technical analysisAUD/USD has formed a double top pattern in the 15-min chart.
It has also moved past its critical support at 0.78787.
Hence we expect the pair to be bearish in the near-term.
NZD/CHF Technical analysisAfter forming a double top, the pair has broken a critical support as well.
Now the pair is resisted by the broken support at 0.68958.
Hence, the pair is set to make a bearish move from here.
