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Observed a double top in the chart of Eidelweiss during the time period of 2019 march-june.
Conditions Satisfied: 1) The period between point A and point B is more than 20 days.
2) The volume at point B is high.
3) Two equivalent tops resembling the Double top pattern.
Thus it is safe to assume short position with the entry point as point C, the stop loss at point b and finally the target has been achieved at october 2019. with a comfortable amount of profit margin.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | |||||
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Hi,
Good try sir… Double top works very well when it actually appeared at the top of an uptrend… In this case, the prior trend seems to be a rangebound market…