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Double Top or Bottom

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Double Top or Bottom

The double top is one of the most popular patterns in trading. It's a reliable reversal pattern that can be used to enter a bearish position after a bullish trend. It consists of 2 tops at nearly the same level with a valley in between, which creates the neckline. The second top does not break the level of the first top, so the price retested this level and tried to make a higher high, but failed. Price breaking the neckline and closing below it would complete the pattern.

Conservative traders look for additional confirmation and aggressive traders may enter a bearish position from the second top. The target can be estimated by measuring the height of the pattern and projecting this downwards from the neckline. Common stop levels are just above the neckline, halfway between the neckline and the tops or above the tops. The double bottom is the bullish version of this pattern that can form after a downtrend. A popular variation of this setup is the 2618 trade (as taught by Jason Stapleton) with specific rules for the pattern configuration including where to enter and to exit the trade.
AbhishekHSinghCMT AbhishekHSinghCMT PRO BHARTIARTL, 120, Short
BHARTIARTL: BhartiAirtel - If Butterfly Turns Into Cipher@427-(Enjoyed-420)
319 3 9
BHARTIARTL, 120 Short
BhartiAirtel - If Butterfly Turns Into Cipher@427-(Enjoyed-420)

If Butterfly turns into cipher- spelling mistake. Time to open your dictionary & add a new word in your vocab list. Who cares about the spelling mistake & who cares about the doosra (cricket term) till the time they give you results. There is a bearish cypher in the range 425-427 zone & will it confuse to make you clean-bowled like doosra - well I don't know till ...

sanstocktrader sanstocktrader PRO CONCOR, M, Long
CONCOR: Concor : Double bottom on monthly chart
227 0 1
CONCOR, M Long
Concor : Double bottom on monthly chart

Double Bottom pattern break above 1255 on monthly time frame .

NeeteshJain NeeteshJain PRO UJJIVAN, D, Long
UJJIVAN: UJJIVAN - BROADENING WEDGE IN PROGRESS
881 10 29
UJJIVAN, D Long
UJJIVAN - BROADENING WEDGE IN PROGRESS

It is been observed that the price action is consolidating at the bottom in a broadening wedge pattern. It is at the make it or break it situation. It has good support at 310 levels and then 290 levels. Currently, at a look risk and high potential profit scenario. Now, today's closing shall matter a lot. Target 1: 322 Target 2: 330 Stoploss: 310

AbhishekHSinghCMT AbhishekHSinghCMT PRO ALBK, 60, Long
ALBK: ALBK - Head & Shoulder -2nd Innings starts soon above 72.50 -88
685 21 16
ALBK, 60 Long
ALBK - Head & Shoulder -2nd Innings starts soon above 72.50 -88

1st Innings Head & shoulder breakout + confirmed by double top@73.50 gave the push upside & turned from 77 highs which was shy of 1-2 points from 79-80 -closing last trading day at 71.50 levels. Price has pulled back to the neckline which can give another opportunity to bulls & this time if it surpasses 79-80 zone then it attempts 88-90 zone next. Once it ...

krishna_inv krishna_inv CAPLIPOINT, D,
CAPLIPOINT: Double Top - Support Line - Gap Up area
50 0 2
CAPLIPOINT, D
Double Top - Support Line - Gap Up area

Double Top - Support Line - Gap Up area Which one do you want to Play???

InsiderB InsiderB PRO EROSMEDIA, 60, Long
EROSMEDIA: ErosMedia : Simplest Ever - Double Bottom
354 5 12
EROSMEDIA, 60 Long
ErosMedia : Simplest Ever - Double Bottom

Simplest trade setup, Double Bottom & RSI divergence so logically upside.

atin28 atin28 DJI, 240, Short
DJI: A clear double top on DIJ
35 2 1
DJI, 240 Short
A clear double top on DIJ

DIJ Outlook: Dow Jones 30 can sell at this level with a 1 hour confirmations at below 21840 with Target-11690-700 level and stop-11888 level

atin28 atin28 DISHTV, 60, Long
DISHTV: DishTV can buy above 74 level but conditions must match
31 0 1
DISHTV, 60 Long
DishTV can buy above 74 level but conditions must match

DishTv Outlook: DishTv can brought only if 1 hour price close above 74 level with Target-75/76/77, Stop-73.30 or break out candle low.

praveen.bhatiya praveen.bhatiya NIFTY, 60, Short
NIFTY: Nifty Hourly Analysis seems weak!
134 1 4
NIFTY, 60 Short
Nifty Hourly Analysis seems weak!

Nifty hourly chart clearly made double top and broke the neckline. It seems that downtrend is not yet over and we may see even lower level in coming days. I would observe 9966 - 9990 price Zone and short there on weakness anticipating the 5th wave to work for a good risk to reward trade.

Ejaz Ejaz GBPINR, 240,
GBPINR: GBP INR long
29 0 2
GBPINR, 240
GBP INR long

at support

krishna_inv krishna_inv EMKAY, D, Long
EMKAY: Double Bottom
39 0 1
EMKAY, D Long
Double Bottom

Everything Explained on the chart

amankavi amankavi MOTHERSUMI, 15,
MOTHERSUMI: Motherson : Rounded Top at support level (4th Aug) trade
62 2 4
MOTHERSUMI, 15
Motherson : Rounded Top at support level (4th Aug) trade

Rounded top pattern from double bottom usually results in downward bearish (continuous) trend however %william showing uptrend from oversold situation Targets defined in chart for both bullish and bearish trend (short) after gaining momentum from neckline levels.. SL can be taken as per risk appetite

ParamjitMahapatro ParamjitMahapatro ESCORTS, D, Long
ESCORTS: escorts looks bullish in short term
117 2 5
ESCORTS, D Long
escorts looks bullish in short term

details in chart.

AbhishekHSinghCMT AbhishekHSinghCMT PRO PNB, 15, Long
PNB: PNB - Fire with Cypher @157- I turned upside- Did you!
553 16 13
PNB, 15 Long
PNB - Fire with Cypher @157- I turned upside- Did you!

Last Price@160 PNB on fire with the cypher right at the bottom@157 where we booked partial profits yesterday in 2nd downside target. Target -164 - 176+ Trading Plan Moving above 158.50 -159 it will show its way for upside & we got an opportunity back again with volatile action close to 157-158 just within last hour of trading protecting 156 on downside. We are ...

InsiderB InsiderB PRO NIFTY, 60,
NIFTY: Nifty : Expecting Range before RBI Day...
403 8 12
NIFTY, 60
Nifty : Expecting Range before RBI Day...

Tomorrow being RBI day its usual for Nifty to give only scalping trade chances. We slightly have a different view from yesterdays but still in-line with what we are expecting with Nifty.On lower timeframe's scalping chances will arise whether its move till 10110 or on bearish reversal with formation of double-top. Be conservative on the formation of double-top ...

rrajkumar86 rrajkumar86 INDUSINDBK, 60,
INDUSINDBK: INDUSINDBK RSI trade.  Short for 1540.
59 0 3
INDUSINDBK, 60
INDUSINDBK RSI trade. Short for 1540.

RSI divergence observed in the chart. It's purely RSI trade. So if it fits into your trade plan take your trade. Sell near to 1480-1483 Target 1440 Stoploss 1488. And also note that double top observed.

atin28 atin28 BHARTIARTL, W, Long
BHARTIARTL: Airtel weekly Chart look positive
22 0 1
BHARTIARTL, W Long
Airtel weekly Chart look positive

On weekly chart Airtel look positive on my view and short of double bottom can be seen on chart which also have a good break out clearly, I think target area around 460-465 with stop 362-365 and good entry position approx 395-406 area. I will hold this positions for 1-2 months.

ParamjitMahapatro ParamjitMahapatro HINDOILEXP, W, Long
HINDOILEXP: hindoil explorer looks bullish in medium term
54 0 3
HINDOILEXP, W Long
hindoil explorer looks bullish in medium term

double bottom formed after a long downtrend, price broke the neckline and pattern got confirmed, and then price retested the broken neck line and reversed also hidden bullish divergence is seen in weekly. https://in.tradingview.com/x/hYgeq2NE/ sl - 65 pattern tgt - 108

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