Double Top
Tue, Apr 15A Double Top is a chart formation where the price peaks twice and fails to surpass the previous high during the second attempt. This pattern features two peaks that are approximately equal in height, with a trough in between.
The line connecting the peaks serves as the resistance line, which is typically nearly horizontal. The overall shape of the pattern resembles an “M” and is recognized as a bearish reversal chart pattern.
The pullback that occurs between the two peaks should be moderate. This new minor support level is referred to as the “Neckline.” The pattern is validated when the price breaks below the low of the pullback that lies between the two peaks.
Double Tops typically emerge during an uptrend and signal a reversal to the downside as the price breaks through the support line (Neckline). A more cautious strategy is to wait for the price to retest the Neckline.
At this point, the Neckline transitions from a support level to a resistance level.
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