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Double Top

AMAZON - 3 year old trendline broken?! See it on the chartHello, traders, investors and community! Today i am taking a sharp look on the retail-giant AMAZON and what we can expect in the next weeks and months! So lets start, looking on the weekly chart of AMAZON you can see this long trendline which begun january 2015 and ended october 2018 with a sharp decline in price, you can see it on my chart. It is marked with the two blue trendlines , one is straight and the other one is striped. So what does AMAZON do now?! We have a huge resistance above us at the 2000 - 2050 level which you can see in striped red trendline in the chart. This is a critical zone for AMAZON because when we get rejected there, the possibility for an double top gets nearer. You can also see this huge red selling volume at the break-out of that important trend-line signaling a shift in price action and heavy selling volume . If the highly possible scenario that we get rejected a second time at the 2000 - 2050 level kicks in a double top will form with targets at 830 - 840, you can see it on the chart with price projection. Also the RSI sets some bearish tone for the overall outcome, you can see in my chart that it touched the overbought area several times the last years without coming back. Now RSI struggles to make new highs in the overbought are and is consolidating in the middle range, a possible scenario is here when we see new decline in the price that RSI also falls back out of the channel which you see in the chart. The overall tone is bearish despite that AMAZON makes some bull-moves the last time. Normally you see this on a top before other declines happen. The fact that this major trendline which held for 3.75 years is broken makes the big picture for AMAZON look ugly. But, however, as traders we can also make money with falling prices. But this andvantage should not be taken for granted, it should be done smart and with the right look for market conditions! I hope you enjoyed this analysis on AMAZON! See you. Information provided is only educational and should not be used to take action in the markets. Thank you.
NASDAQ:AMZNShort
by VincePrince
6
USDCAD - Wait For The Bears ↘️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. on Weekly: Left Chart USDCAD has been overall bearish trading inside the falling channel in red. USDCAD is currently sitting around the upper trendline acting as a non-horizontal resistance, so we will be looking for trend-following sell setups. on M30: Right Chart USDCAD is forming a potential double top pattern but it is not ready to go yet. For the bears to take over, we need a momentum candle close below the gray neckline. Meanwhile, until the sell is activated, USDCAD would be overall bullish and can still trade higher. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
7
📉 GOLD Analysis: Bearish Divergence & Double Top Reversal 📉📉 GOLD Analysis: Bearish Divergence & Double Top Reversal 📉 #TechnicalAnalysis #GoldTrading #BearishDivergence #DoubleTopReversal #InvestmentAnalysis Hello Traders! 👋 Today, we're diving into a detailed technical analysis of Gold (XAU/USD) on the 1-hour timeframe. Strap in, because there are some interesting findings to discuss. 📈 Overall Trend: Bullish - The overall trend for Gold has been bullish, which has been evident in the recent price action. 🐻 Bearish Divergence: - However, a concerning sign is the presence of bearish divergence on recent Higher Highs (HHs). This suggests weakening upward momentum and potential reversal. 🔄 Double Top Reversal Pattern: - We've also identified a classic Double Top reversal pattern, a bearish signal. 💡 Summary of Technicals: - Bearish Divergence - Double Top Reversal Pattern - No trend continuation patterns detected 📊 Trade Setup: - Short Entry: 1938 - Stop Loss: 1953 - Take Profit 1 (TP1): 1923 - Take Profit 2 (TP2): 1908 📅 Seasonal Pattern: - It's worth noting that historical data from the past 10 years indicates a bearish seasonal pattern for September. 📆 Time Cycle: - Additionally, the weekly cycle suggests a bearish bias. 💼 Investment Advice: Considering the technical signals, seasonal pattern, and time cycle alignment, it's prudent to consider a short position in Gold (XAU/USD) at 1938 with a stop loss at 1953. Potential targets are TP1 at 1923 and TP2 at 1908. However, always remember to manage your risk appropriately and use proper risk management techniques. The financial markets can be volatile, and it's essential to have a well-thought-out trading plan. This analysis is for educational purposes and does not constitute financial advice. Make informed decisions, and trade responsibly. 💼📉 Good luck, and happy trading! 🌟
OANDA:XAUUSDShort
by T-Q
1
Nasdaq -> What's Happening Here?Hello Traders and Investors , my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of the Nasdaq 💪 Looking at the macro view on the monthly timframe you can see that at the moment the Nasdaq is retesting massive resistance of the 10+ years rising channel formation so I do expect a monthly push lower. Just two weeks ago the Nasdaq perfectly retested the 0.382 fibonacci retracement level and created a quite strong rejection towards the upside. Looking at the daily timeframe you can see that Nas100 is currently retesting the neckline of the double top of July of 2023 and if Nas100 actually breaks above this structure zone, I do expect new highs going into 2024. Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈 Thank you for watching and I will see you tomorrow! My previous analysis of this asset:
FX:NAS100Long
by basictradingtv
26
📉 Seizing Opportunity: USDCAD 1H Double Top Breakdown 📉USDCAD presents a compelling selling chance! 🛑 A prominent double top formation has emerged, punctuated by a neckline breach, a successful retest, and a resounding rejection at this pivotal juncture. The stars align for a favorable entry to ride the downside momentum. 🧭 Leveraging the strength of the moving average and neckline, there is a confluence of resistances to strategically position our stop loss above above 1.35770 and trade safely. 🎯 Aiming for success, my take profit is located at 1.34200, while my target lies at 1.34700. Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🌊🚀
Short
by Thomas_Zito
9
USDJPY → Double top on the background of the uptrend FX:USDJPY continues to form an ascending price channel. After breaking one of the resistance lines, the price is forming a pattern that could weaken the price during the DXY stop. On the chart, I have marked two levels that are quite close to each other. Pay attention to the levels 145.06 and 144.9. The price forms a correction after the formation of a double top reversal pattern, to realize the pattern the price needs to wait for confirmation (breakout of the base of the pattern). If the price returns above the level of 145.06 and forms consolidation of the price above the level, then in the short term the currency pair may update the local maximum and test the trend resistance If the price breaks the support at 144.9 and forms consolidation below the level, we will see a fall to the support zone. Resistance levels: 145.06, 145.515 Support levels: 144.9, 144.59 Consolidation near these levels in the short term will determine the future direction, our task is to follow the price reaction to these key points. Regards R. Linda!
Long
by RLinda
8
WEAT- Wheat ETF at buy point LONGWEAT the Wheat EFT has been volatile of late due to the Bakc Sea shipping deal falling apart when Russia refused to renew it. Brazil has been trying to increase whet exports to pick up from the fall off of Ukrainian shipments to Africa and others. On the 4H chart, WEAT has fallen 15% from the double tops of July demonstrating the high volatility in what is typically a slow-moving commodity. WEAT is now 5% above the support trendline and about 14% below the horizontal resistance of those double tops. This is a favorable r:R ratio. I will go long here assuming there is now breakthrough in the near future with the resumption of the Black Sea grain deal to impact the supply-demand imbalance and destabilize the price rise. I will look into a call option trade as well.
AMEX:WEATLong
by AwesomeAvani
1
Finally some movement $BTCChart Analysis: BITSTAMP:BTCUSD KUCOIN:INJUSDT The Bitcoin market shows signs of stirring from its slumber! As anticipated in our preceding commentaries, BTC is making its way towards the 18k zone. However, the strength to break through significant resistance points eluded it, just as we discussed in our earlier videos. Notably, there has been an adjustment in our projection of the massive cup and handle pattern. The recent trend line breach on the weekly chart likely invalidates this pattern. A confirmation of a double top pattern is evident. Following this, BTC retested the newly established resistance and took the downward trajectory, just as predicted. So, what lies ahead for Bitcoin? The forecast suggests a few more sluggish days of price oscillations, potentially culminating in a liquidation sweep or a retest of the longstanding trend line. Should this play out, it presents an opportune moment to initiate a short position and ride the price down towards the 18k area (though this target may shift as we approach it). It's essential to note that now isn't the ideal time to short; the current position is too extended from the EMA. It's wise to await a retracement. Risk Management: Navigating the volatile crypto market necessitates meticulous risk management. As you consider potential positions, align your size and strategy with your risk tolerance. Tools like trailing stop losses can be invaluable in preserving accumulated profits as the market evolves in your favor. Disclaimer: Please remember, this analysis is shared for educational insights and is not a financial recommendation. We urge you to conduct your own comprehensive research and, if needed, seek advice from a financial consultant before making any trading decisions. Trade safe!
BITSTAMP:BTCUSDShort
by mammamia2
2
Microsoft -> A Long Term Double Top?Hello Traders and Investors , my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Microsoft💪 On the monthly timeframe you can see that Microsoft stock once again retested the previous all time high at the $340 level and once again rejected it towards the downside. You can also see that after the recent retracement on Microsoft, MSFT stock is approaching previous structure at the $320 level from which we could see a short term bullish bounce. And last but not least I am just waiting for the daily timeframe to shift back to a bullish market before I then do expect a short term rejection away from the daily and weekly support area. Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈 Thank you for watching and I will see you tomorrow! My previous analysis of this asset:
NASDAQ:MSFTLong
by basictradingtv
30