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To identify the double top, there should be two equivalent tops. The two tops should be marked as A & B and the bottom between A & B marked as C. Duration should be more than 45 days and the volume should be high. In this Bharat Forge chart the first top comes on May 10 and the second top comes on august middle and the volume is high at the time of exit. So it is confirmed as Double Top.
| 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 | 31 | ||
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HI sir,
The Double top formation should be formed only after the bullish rally. Here the prior rally is bearish and double top is formed, so it it not considered as a double top.