Double Top Chart Pattern
Understanding trends and taking psychological elements into consideration are both important aspects of market trading. The Double Top is a well-known indicator of a possible trend reversal and is regarded as one of the most important chart patterns that traders use. If you want to learn more about the significance of this pattern and how you may utilize it to your advantage, this class provides a simple and comprehensible explanation.
What is a Double Top Pattern?
A stock's price hits a high, then falls, and then rises again to the same height, but this time it is unable to surpass the prior threshold. On the contrary, after retreating, it begins to descend much more than before. In this case, a chart pattern that resembles the letter "M" is created visually. These two peaks, which are almost at the same level, have formed a double-top chart pattern, a negative reversal signal indicating that the uptrend may be coming to an end.
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