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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
SBIN - Perfect 50dema Support Structure 🔰 MY thought process : ⭐After a good breakout and reversal on the D chart now this beauty is on ATMs ⭐I see good Trendline support on 30mins and a possible good setup on 15mins :) ⭐A very decent trading setup would be activated when it breaks this small trendline on 15 min TF :) ⭐Trade type: swing ⭐Pattern: Ascending triangle on small TF with a bullish structure ⭐Buying on the breakout and selling on 1st fibo extension or 1 to 2 pivot points can be taken :) ⭐Risk will be minimal, SL below your entry candle, reward: Pivot points or the marked level ⭐When not to trade this pattern: if it gives a close below the 30 min supportive trendline or breaks the 50dema support on 15min don't trade leave the setup and trade :) 🔰Am I taking this trade now: No---Reason: Already in the trades of Naukri and PPL as posted last time :) also took a small position in Coal India today as posted guys :) Also keeping an eye on JSW steel too seems bullish to me :), All the analysis already posted :) 🔰 {Some info} ➼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all. ➼I hope you will love my simple analysis style. ➼Feel free to suggest your view on this as learning is earning here :) ➼I take my trades on my Zerodha account :) ➼These charts are my and only my work, my thought process, just from an educational point of view and no calls. <<<<<>>>>>
NSE:SBINLong
by Averoy_Apoorv_Analysis
NIFTY PSU BANK INDEX - Very Bullish The index is forming an Inverted Head and Shoulder Pattern. Just broke out of the Downward Channel resistance this week. In about 2-3 years the index should reach its target of 4340 but before that happens its intermediate targets will be met. Between 2660 and 3360 there could be some consolidation going forward. Immediate short term - MACD crossover should give this space some momentum. My Fav picks from the index include SBI, BOB, PNB, Indian Bank, Central Bank & Canara Bank.
NSE:CNXPSUBANKLong
by CannySunny
9