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A double top is a chart pattern, characterized by two consecutive peaks in price, that signals a potential bearish reversal of an uptrend. Conditions for a double top. Good volume should be seen on the second top descent. And the minimum duration to form a double top is 20 days. Short Position Entry should be on the equivalent of the previous bottom. Stop loss should be placed on the second crest. Target should be placed on the equivalent opposite height of the stop loss.
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Hi,
For the double top there is no prior rally. I hope you can see the double bottom in the chat.
Hi,
Thank You for the comment. I too noticed the double bottom in that chart. But I was interested only in the double top.
Why do you say that there was no prior rally? Actually, if you notice, there was a price rally from 273 to 230 and then it reversed trend and formed a double top at [248 first and second at 243] a range of 245. The time duration was 3 months, so above 20 days. There was also a good volume. I thought all the conditions for a double top were satisfied. What is your opinion? Please clarify.
I just want to learn and be sure. Thank you.
Hi,
The first top is not qualified since it doesn’t have a prior bull rally. This stock is already falling from the top. Refer the attached double top pattern.and also refer our eqsis study material.
Thank you for the clarification.I have done another one. please see the attached file . Is it right now?
In the picture I attached, actually I wanted to show the steep ascent (Like a flag pole). But by mistake, I have shown only the small descent.
Anyway, I got the point. Thank you.