In the above video, we had discussed how Nifty has formed the double top pattern on Daily Chart. Here Mr Umesh Sharma had elaborated all about this pattern and the current situation of Nifty. By watching the above video, you will have a clear understanding that what impact will this pattern is going to leave on Nifty. This will help you to draw the right trading plan for Nifty.
Major aspects of Double top pattern
A double top pattern indicates that the ongoing or current trend is losing its momentum. This is a pattern that is formed by the peaks of two consecutive highs which is ideally known as a trend reversal pattern. It is a highly bearish pattern that confirms that once the asset’s price goes down the support level is actually equals to the low between the two prior highs.