Friday, July 19, 2024

Double Top

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In this article, We learn about “Double Top “.Let’s Go!

A Double Top is a chart pattern in which price makes a high twice but fails to break higher on the second attempt.

The pattern consists of two peaks of almost equal size with a base between them.

The line crossing the top is the resistance line and should be close to horizontal.

This pattern forms the “M” shape and is considered a bearish reversal chart pattern.

The pullback between the two highs should be moderate .

This new minor support level is called “ Neckline “.

The pattern is confirmed once the price breaks out of the retracement low between the two highs.

Double Top

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