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Double Top Scanner
| Code | Price | Chart Patterns | Chart | |||||
|---|---|---|---|---|---|---|---|---|
| AARTIPHARM | 667.15 | [Double Top] | ||||||
| ACMESOLAR | 362.6 | [Double Top] | ||||||
| ADANIENT | 3009.5 | [Double Top] | ||||||
| AKUMS | 658.35 | [Double Top] | ||||||
| AZAD | 2292.5 | [Double Top] | ||||||
| CAPLIPOINT | 2516.8 | [Double Top] | ||||||
| ITI | 276.7 | [Double Top] | ||||||
| JUBLPHARMA | 935.15 | [Double Top] | ||||||
| KRN | 1174.4 | [Double Top] | ||||||
| NUVAMA | 1803.8 | [Double Top] | ||||||
| PREMIERENE | 1022.2 | [Double Top] | ||||||
| SUDARSCHEM | 1013.9 | [Double Top] | ||||||
| SUZLON | 48.01 | [Double Top] | ||||||
| TTML | 39.95 | [Double Top] |
Double Top Scanner
What is Double Top?
Double Top is a bearish reversal chart pattern that often appears after a prolonged uptrend. It signals that buying pressure may be weakening and sellers are beginning to regain control. The pattern is formed when the price creates two similar highs separated by a temporary downward move, giving it an "M" shape.
How the Double Top Pattern Forms
- The price rises and creates the first high.
- A short-term pullback forms a support level, known as the neckline.
- The price rallies again but faces resistance near the previous high.
- Sellers return, driving the price below the neckline.
- A breakdown below the neckline confirms the bearish reversal.
Trading Strategy
- Wait for the price to close below the neckline before considering a trade.
- Many traders place a stop-loss above the second top.
- A common price target is calculated by measuring the distance between the tops and the neckline, then projecting that distance downward from the breakdown point.
- Combining the pattern with technical indicators or volume analysis can improve confirmation.
Advantages
- Helps identify potential bearish trend reversals.
- Provides clear entry and stop-loss levels.
- Works best when supported by additional technical analysis.
- Suitable for multiple trading timeframes.
TSR Scanner Features
- Real-Time Alerts: Set up alerts to get notified exactly as the condition meets.
- Fine-Tune Filter: Combine with volume and TSR strength index for better accuracy.
- Custom Tracking: Filter signals based on specific stock baskets or your personalized watchlist.
- Backtesting Capabilities: Evaluate historical data to gain confidence.
- Flexible Timeframes: Filter intervals from 1-minute to monthly ticks.
- Auto Refresh: Keeps your scanner data continuously updated.
Fine Tune : You can customise these screeners by clicking on 'Fine Tune Filter' Option
Caution : All these screeners are crafted based on some historical scenarios which may / may notbe applicable here. We recommend to fine tune them according to current market conditions or seek expert advise before taking any decision.
