The stock price is at major RESISTANCE and it is tested many times. It is also trying to the making of DOUBLE TOP PATTERN. If there is any reversal candle then short trade can be initiated and we can confirm the double top pattern. But for going long you should wait for the closing of 15 min candle with good volumes.
HOW DOUBLE TOP PATTERN WORKS
A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.
KEY POINTS
1. A double top is a bearish technical reversal pattern.
2. It is not as easy to spot as one would think because there needs to be a confirmation with a break below support.
HOW DOUBLE TOP PATTERN WORKS
A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.
KEY POINTS
1. A double top is a bearish technical reversal pattern.
2. It is not as easy to spot as one would think because there needs to be a confirmation with a break below support.