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Double Top

16th Oct ’23 - M pattern overlooking W pattern - BN PostMortemBankNifty Analysis BankNifty’s trade today looked quite different from Nifty50. The opening candle was a stronger red and we retested the 44068 support. Since we did not break it - my short call did not trigger. The rejection took BN higher by 312pts ~ 0.71% and we went into the green territory for a brief period. And even after all these - the options data was absolutely lackluster. Absolutely no premiums - the best trade again was to wait it out. We all knew HDFC Bank would come with its results today - still, the volatility was not really there. Recommend you to read this tweet by Deepak Shenoy wherein he has compared the results pre and post-merger. Most retail traders may be blinded to believing there was a 50% rise in Net Profits. The reality is quite different. On the 1hr TF we have a double top overlooking a newly formed double bottom (just below support). Although the W shape is not that beautiful - the lack of ability to break the support puts its weight behind it. Today also we had a reversal from support. I still prefer to go with a neutral stance till we get more clarity. 100% sure that HDFCBK’s results will skew the price action tomorrow - I still prefer to wait for the dust to settle.
NSE:BANKNIFTY
by viswaram
Double TopA double top is a bearish technical reversal pattern. It is not as easy to spot as one would think because there needs to be a confirmation with a break below support. While a double top is a bearish signal, a double bottom is a bearish signal. Top tops usually have an upswing, initial peak, trough, second peak, and neckline. Investors can short trade after the break or place small trades, as double tops may have limited profit potential. Script = BSE Time Frame = 1 Day
NSE:BSEShort
by Jainshashwat
Banknifty Intraday. (Next week)Banknifty for ( 30/07/2023 ) Enter once "Breakout and Retracement" . . For " long " entry: 45530 target: 45760 stoploss: 45450 . . For " Short" entry: 45400 target: 45250 - 45020 stoploss: 45510 . . Enter only if market Breaks "Yellow box" mentioned. . Wait for proper reversal and conformation. . Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency "💹 Refer our old ideas for accuracy rate🧑‍💻 Valuable comments are welcomed-✌️ . refer old ideas attached below
NSE:BANKNIFTY
by TheNuraTrading
Double Top A double top is a bearish technical reversal pattern. It is not as easy to spot as one would think because there needs to be a confirmation with a break below support. While a double top is a bearish signal, a double bottom is a bearish signal. Top tops usually have an upswing, initial peak, trough, second peak, and neckline. Investors can short trade after the break or place small trades, as double tops may have limited profit potential. Script = Axis Bank Time Frame = 1 Day
NSE:AXISBANKShort
by Jainshashwat
5
Double Top Patten Or Poll And Flag Patten in Bitcoin What do you think? It's A Double Top Patten Or It's a Big Trap (Bitcoin) After a Strong breakout of 27,000 Flag patterns with volume. Bitcoin easily achieved the 31,456 level in just 4 days this is a 2023 new High of bitcoin. 📢What is the next movement of Bitcoin? As is shown in Bitcoin Chat Last Recently when the "Poll and Fleg" pattern breakout there are Two levels where the price will go... 1️⃣First Price Level 31000 the top of the poll and flag pattern 2️⃣Second Price Level 38000 According to the poll hight So, Bitcoin achieved 31000Level, and Now it was stuck at (31,450 to 29,530) in this whole week. As we show other Markets were going down like Indian stock, Gold, and Forex market. But in the case of Bitcoin, I thought its a "Distribution Zone" Or The second scenario is buyers are booking their profit. Because in the Daily chart, bitcoin was not close to any candle above the 31,000 level this show that This is a "Double Top Patten" is making... ??? What are you think about it let me know in the Comment or Reply section!!!!
by Mohit-Soni