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Double Top

ITC – Topped out?ITC NSE:ITC is facing very strong resistance near 290 levels. It has been struggling around these levels since past few days. Now that the results are also out, looks like profit booking has started in this stock. I can see a Double top formation with a negative divergence as well as a Bearish Engulfing candle that it formed today. Good opportunity to short with a stop loss a few points above recent highs and first target around 266 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:ITCShort
by nano6yogesh
HDFC – Topped out?HDFC NSE:HDFC has been slowly rising towards its previous high made on Jan 29. However, the stocks has once again failed to clear the resistance around 1950 levels and is slowly moving down. I can see a Double top formation here with negative divergence. Looking for shorting opportunities in this stock with stop loss above recent highs and first target of around 1865. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
HShort
by nano6yogesh
Nifty - Bearish Butterfly & Double Top@10500There is a bearish butterfly & double top@10500. Trading Strategies Strategy 1 - If Nifty Holds in 10400 -10425 then expect a bounce to 10460-10485 & we book profits & wait outside Strategy 2 - If Nifty gets resistance between 10475-10500 after strategy 1 is done then look to sell on tops with minimum stops above 10500 - Target -10425 - 10390 - Below 10370 - 10135- 10000 Strategy 3 - Moving above bearish butterfly & double top ( crossing above 10500 ) - "D" level (Holding above D-level & crossing 10500) - Extreme Bullish Scenario - Take care once it crosses above 10500 -it should not dip below 10490 else be cautious. Strategy 4 - Going below 10370 - Sell for target 10135 - 10000 or closer levels
NSE:NIFTY
by WaveTalks
26
Nifty: Potential For The Rising ButterflyIts been a while since I wrote on the Index. In my last post I marked 10094-10013 as the key area. Market tested that key area and bounced sharply. Although the Bat pattern could not complete as per expectations, market reacted near 1:1 level (10013) shown in the above post and the cautious approach on bearish side worked quite well in protecting us. Current Scenario: Suppose the current move takes the market above 10330 level or above the red downtrend line. I that case, I would expect the market to retest previous highs (10490). If that happens, I would look for a Bearish butterfly pattern which completes near those highs @ 10510. So I would look for a double top scenario in this case ( Caution: the failed butterfly pattern may quickly take us to 10620-10650). As the 25 days cycle (+/- few days) is approaching (see following post) I am excited to see the reaction near 20th December. Therefore, If market make a double top near that date I will be careful b'coz a sharp move might follow. Bearish Scenario: Although we are in a bull market we might consolidate a bit more. What if market could not breach 10330 but breaks 10141 on the downside, I would expect 9950 level (right at the red uptrend line) and then look for a bounce. Trade safe, stay healthy. Do hit the like button. Regards Bravetotrade
NSE:NIFTY
by Bravetotrade
6