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Double Top or Bottom

Wipro... weekly chart analysisAfter the high of 739.85 the stock corrected almost 50% with strong support at levels around 370-375. Double bottom formation with stock price closing near the 40 weekly moving average. The price crossing the 40 weekly moving average with good volume would be a positive sign. Important levels to watch: 416 which is the neckline with initial targets of 427 and 450. Might see some resistance at 450, beyond which 495-500 could be a possibility in the medium term. Keep a strict stop loss at 5-8%. Also price falling below the support zone of 376 would trigger caution. Note: Not a buy/sell recommendation. Do consult your investment advisor.
NSE:WIPROLong
by TheUnlearningOne
SBILIFE Double top Breakdown ??!!!Chart pattern look interesting for a short trade Reasons 1. SBILIFE travelling in a Descending channel pattern ( hourly time frame) 2. Now, it has formed a DOUBLETOP pattern (with a perfect High & Lower High as the two tops ) 3. Lower low too formed on Friday, increasing our probability and thus Breakdown!!! 4. SL & Target levels mentioned @ chart as horizontal dashed lines(red & green) 5. 2 hr candle escaping out of the channel(yellow) can be less risky SL. 6. On 15th Feb(wed), Sbilife formed a Superb Bullish Engulfing day candle, but couldnot sustain. ... showing the BEARS STRENGTH!!!! 7. 1113(1st target) level small gap remains unfilled!!! Let's wait and watch how it moves!!!! NOTE- Just sharing my view......not a tip nor advice!!!!
NSE:SBILIFEShort
by mmjimm
2
ASIANPAINT IN BEARS BRUSH ???!!!Chart does insist me the above titled opinion Reasons In Monthly timeframe, Asian paints looks like, is in formation of a DOUBLE TOP!!! ( Making HIGH(Jan 2022)and LOWER HIGH(Sep 2022) respectively) (shown as image attached in the chart) 1. Asian paints has been travelling in Ascending channel pattern(red and green) taking support at respective levels from 2019. 2. Now currently its is in the down swing in a descending channel(white trendlines). 3. January 2023 Monthly candle - going to be the decider for further move.(if it closes below 2900- we can confirm the bearishness further) 4. In daily time frame, it has formed a Head & Shoulders pattern and given BREAKDOWN!!! 5. By H&S pattern, Target gets to about 200 points(to 2850 level). 6. Green line down near 2900 is acting as support from 2020. 7. DOUBLE TOP (Monthly timeframe) will mostly likely be confirmed if the Green line gets broken. 8. Let's wait and watch whether the monthly candle breaks the green line or not!!! Asian paints is one of the stocks which has not reached the 52 week high (during recent rally of market)!!! Take SL as day candle closing out of the white channel.(3090) & Keep Trailing the SL!! 1st Target - 2900, will update once it reaches this target. If the Double top works as it does, Asian paints can see 2250 level soon. Even if we don't trade now, It is better if we don't make any long term investment on Asian paints as of now.(as it is bearish) Let's wait and watch how it moves!!! What this is going to teach us!!! Note : Just sharing my view.....Not a Tip nor Advice!!!
NSE:ASIANPAINTShort
by mmjimm
11
XAUUSD Sell - Double Top Formation and High Probability Profit My suggestion is to consider selling XAUUSD from 1855, with a stop loss at 1858. The first target is at 1849, which could potentially result in a profit of approximately 60 pips. The second target is at 1844.60, which could yield a profit of approximately 110 pips. Risk To Reward: 1:5 This trade idea has a high probability of profit, as the double top formation suggests a reversal of the bullish trend. However, as always, it is important to consider risk management strategies and remain vigilant, as unexpected events and news could impact the markets. In conclusion, I believe that selling XAUUSD using the double top formation and high probability profit trade could be a profitable trade idea. Thank you for following my trade idea, and I wish you all the best in your trading journey. Happy Trading! Disclaimer: This trade idea is for educational and informational purposes only. Trading in the financial markets involves risk, and past performance is not necessarily indicative of future results. Before placing any trades, you should carefully consider your financial situation, risk tolerance, and trading experience. Please be aware that trading in the foreign exchange market, particularly with leveraged instruments such as CFDs, involves significant risks and may not be suitable for all investors. The author shall not be liable for any losses incurred as a result of using this trade idea. Traders should always trade at their own risk and responsibility.
FXOPEN:XAUUSDShort
by VISH_VIN-Traders
HDFC Life Double Bottom RSI DivergencePrice has formed a double pattern on daily chart. while the RSI is making higher lows which is clear sign of RSI Bullish Divergence. We can take long trade. Entry We can go long on open of next candle. Target Target 1 will be the nearest resistance zone which will be also the neckline of W pattern as marked on chart. Target 2 will be next next resistance zone after the neckline of W pattern is broken as marked on chart. Stoploss We can keep stoploss below the double bottom support zone. Please like & Follow me.
NSE:HDFCLIFELong
by vt_trader
5