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Double Top Scanner
| Code | Price | Chart Patterns | Chart | |||||
|---|---|---|---|---|---|---|---|---|
| ASHOKLEY | 169.0 | [Double Top] | ||||||
| BAJAJHLDNG | 11046.0 | [Double Top] | ||||||
| BPCL | 303.85 | [Double Top] | ||||||
| HCLTECH | 1277.0 | [Double Top] | ||||||
| ICICIBANK | 1399.4 | [Double Top] | ||||||
| INDIANB | 859.9 | [Double Top] | ||||||
| INDIGOPNTS | 1140.3 | [Double Top] | ||||||
| KEI | 4697.5 | [Double Top] | ||||||
| MANAPPURAM | 325.0 | [Double Top] | ||||||
| MPHASIS | 2355.0 | [Double Top] | ||||||
| RKFORGE | 701.3 | [Double Top] | ||||||
| RATEGAIN | 862.7 | [Double Top] | ||||||
| SAATVIKGL | 415.95 | [Double Top] | ||||||
| SAMHI | 155.61 | [Double Top] | ||||||
| TECHM | 1559.0 | [Double Top] | ||||||
| UNIONBANK | 183.22 | [Double Top] | ||||||
| WEWORK | 667.35 | [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.
