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Doubletopreversal

Just A View - Double Top - DCMSHRIRAM📊 Script: DCMSHRIRAM 📊 Sector: Diversified 📊 Industry: Diversified - Mega Key highlights: 💡⚡ 📈 Script is trading near neck line that is support of Double Top pattern as seen into the chart . 📈 Script may take support at 862 level and bounce back from there. 📈 One can go for swing trade for medium to long term. ⏱️ C.M.P 📑💰- 872 ⚠️ Important: Always maintain your Risk & Reward Ratio. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes. Eat🍜 Sleep😴 TradingView📈 Repeat 🔁 Happy learning with trading. Cheers!🥂
NSE:DCMSHRIRAMLong
by radha_23
Cement Stocks in DANGER!🩸Attached: Custom Cement Index/ Nifty 50 Daily Chart as of 21st April 2023 (Note: The above Chart is my Custom Cement Index made up of all the F&O Cement Stocks and this is the Ratio/ Relative Strength Chart version of it, against Index Nifty 50. This gives us an idea of the Relative Strength of the Cement Stocks and used to find out whether they are likely to Outperform or Underperform.) Observations as follows: Price based: - A Clear Double Top Breakdown on the Ratio Chart with Break of Support accompanied by Bearish Power Candles!🩸 - The Ratio was in a Down Trend prior to the Range that formed. Presently the Ratio has rejected from the High of the Range and can head to the Low of the Range - If you Zoom Out on this Chart or go to the Weekly TF, a Bear Flag/ Wedge Pattern is also visible Indicator based: - Daily RSI is now in Oversold (below 30) territory indicating a Strong Bear - Daily MACD which was already in Sell has crossed below the 0 line - DMI is in Sell and ADX may start to turn up All the above Observations signal that the Cement Stock Basket is likely to Underperform🐻/ are Potential Short Candidates📉 ! Some names that have Short Setups are: ACC, AMBUJACEM (already shared in my Related Ideas), ULTRACEMCO, GRASIM, JKCEMENT
NSE:ACCShort
by T_Harth
Double Top - Full ExplanationA Double Top is considered a bearish signal, indicating a possible reversal of the current uptrend to a new downtrend. Sometimes called an "M" formation because of the pattern it creates on the chart, the Double Top is one of the most frequently seen and common of the patterns. The Double Top is a reversal pattern of an upward trend in a financial instrument's price. The Double Top marks an uptrend in the process of becoming a downtrend. A Double Top consists of two well-defined, sharp peaks at approximately the same price level. The two tops are distinct and sharp. The pattern is complete when prices decline below the lowest low in the formation. The lowest low is called the "confirmation point". The slowing momentum may be evidenced through a lagging peak on an oscillator like RSI. Though not required, the market may break above the first peak, even if briefly. A slight and temporary break above the first peak is preferred as it may excite the bulls only to reverse and trend lower. The neckline is formed between the price low of the valley between the two peaks. A break below this neckline will confirm the double top pattern. The bearish confirmation is specified by a break in the key price support level (neckline) situated at the low point between the ‘tops’. Important Characteristics Following are important characteristics for a Double Top. Uptrend Preceding Double Top The Double Top is a reversal formation. It begins with prices in an uptrend. The trend upwards should be fairly long and healthy. Time between Tops Generally, the longer the time between the two tops, the more important the pattern is as a good reversal signal. Decline from First Top The deeper the trough between the two tops, the better the performance of the pattern. Volume Volume tends to be heaviest during the first peak and lighter on the second. It is common to see volume pick up again at the time of breakout. Pullback after Breakout A pullback after the breakout is usual for a Double Top. The higher the volume on the breakout, the higher the likelihood is for a pullback. Two Peaks at Different Levels Sometimes the two peaks comprising a Double Top are not at exactly the same price level. This does not necessarily render the pattern invalid. Some analysts point out that investors should be less concerned if the second peak does not hit the high of the first peak. Trading with Double Top: There are certain rules when trading with Double Top chart patterns. Firstly one should see the market phase whether it is up or down. As the double top is formed at the end of an uptrend, the prior trend should be an uptrend. Traders should spot if two rounding tops are forming and also note the size of the tops. Traders should only enter the short position when the price break out from the support level or the neckline. Example: From the below example of the 15 Min chart of NIFTY we can see how bearish reversal takes places after the formation of the double Stop Loss & Target : In the case of a Double Top chart pattern, the stop loss should be placed at the second top of the pattern and can be trailed at the pullback high as price moves lower but this will be a bit aggressive. The price target should be equal to the distance between the neckline and the tops. Hope you all learnt from this post. Share with the community if you liked it. Regards Omahto
Editors' picks
NSE:NIFTYEducation
by Omahto
17
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
GOLD Double Top Oportunity Weekly chart - Strong buying pressure Daily chart - Potential double short Hourly chart - pushing back to tesst top resistance once more If it rejects this top level again we are in a good way for Double top setup We will have to wait and see how price reacts to the 143 price level, If you want you can play agressive with a shot pending order on the 143 level and a ver short stop loss right above this resistance. Price might bounce back really fast and you will miss this opportunity
TVC:GOLD
by Hybriss