There was a prevailing uptrend.

The market made an extended move higher but was quickly rejected by resistance (first top).

The market then pulled back to support and subsequently retested the same resistance level (second top). Once again the market was rejected from this level.

The double top is confirmed as the market closes below the support level (neckline).

Short position can be created.

1st Entry point at 71; Target price 61; Stop loss 78

2nd Entry Point at 67; Target Price 57; Stop loss 75

  1. Naresh 3 years ago

    Nice work… (Note-The duration between the two tops should be at least one month or 20 + candles. It may vary from a few weeks to many months but generally, it takes 1-3 months.)

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