Get started

Doubletoppattern

BANK NIFTY ANALYSIS FOR 01-07-2021Do not trade in between 35200 - 34755 . Buy Above 35200 for the Targets marked on Chart Sell below 34755 for the Targets marked on Chart Make entries only when the price action is suitable respecting to the trendline Take Entries when Market sustains above / below our levels Avoid entries , if there is a Huge Gap Up / Gap Down Take Entries as per Price Action ** Only for Educational Purposes ( As you all can see our daily Analysis , Bank Nifty is respecting all our analysis with treadlines and Support & Resistance Lines ) PLEASE DO LIKE , COMMENT OUR POSTS .
NSE:BANKNIFTY
by ULTRA-TRADER
Double Top Pattern on SBIDouble Top, a bearish reversal chart pattern explained What is Double Top Pattern ? NSE:SBIN Double top is a trend reversal chart pattern formed after good bullish price move (a continuous price move for a good duration) where the upward price movement looses its steam (first top) and it retraces a bit (to neck line or mid point). Then again it moves in direction of original trend and reaches the first top level there by forming second top. It again cannot move above first top and start moving to neckline. Once the neck line is broken its fall in price is steep. Understanding Double top in details Double top is formed when the stock moves up for many days and the movement is steep towards the end. And then it falls from there by about 10-15 %. After this it again tries to move up and reaches level of previous high but cannot cross its previous high. After this it again starts falling to a level of neckline. Once it retraces below neckline a downtrend starts. A image representing Double Top Chart Pattern formation Please note that in actual practice, the two top may not be exactly at same level. Generally, second top is a slightly lower level but 1-2 % higher then first level is also acceptable. A significant higher second top may be dealt with lot of suspicion as it may indicate continuation of uptrend. Volume in double Top has a lot of significance as it can help to confirm formation of the pattern. Volume during first top should generally be much higher than volume during second top formation and volume during midpoint formation should be much lower than volume during neckline break out. Please avoid aggressive positioning when volume is not supporting the move. For aggressive traders a strict stop loss is recommended. It is very fairly common to see a pullback near to neck line after formation of the pattern. It should generally be seen as a healthy thing as it gives better confirmation of neckline as resistance. In some case the pull back may happen few times. If this happens too many times then it may not be typical double top pattern. In case of pullback, it is recommended to keep a stop loss of about 3% above neck line.
NSE:SBINShort
by prajwalasp
1
Cautious View on UPL for 24th July 2020In today's Trend it has been observed that the Script has touched and faced a hurdle at this Trerdline near 470 and could not sustain. the Stock has made Double Top and Double Bottom Format so now it's positioned at a stage where it can give a Breakout or Breakdown. So be Long if Crosses 475 for the Targets of 480-485-490 Targets. Go Short if Sustains below 456 for 5% Downside before Earning. Fundamentally good stock and expectation of Good results at high on Street. Happy Trading. It's my Personal View, Please don't treat as Recommendation.
NSE:UPL
by Gaurav1985
RISE OF A DOUBLE TOPSun Pharma ____ DOUBLE TOP __1 day chart pattern ____ APRIL 27 tested a new high (504.80) and failed to break it. Almost after month+ it has risen above to its Previous HIGH. ___ I would go SHORT around " IF THERE IS ANY RESISTANCE AROUND IT'S PERVIOUS HIGH OR IF THERE IS A SIGN OF A NEGATIVE CANDLE ( HANGING MAN ) IN THE NEXT FEW DAYS" TARGET__ 475- 450 STOP LOSS __ HIGH OF THE RESISTANCE OR THE RED CANDLE YET TO BE FORMED WARNING -- GO SHORT ONLY IF THERE IS ANY STRONG RESISTANCE AROUND PREVIOUS HIGH 504 (+3,-3) RANGE.
NSE:SUNPHARMAShort
by oldwine
6