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A Double Top is considered a bearish signal, indicating a possible reversal of the current uptrend to a new downtrend. Sometimes called an "M" formation because of the pattern it creates on the chart, a Double Top consists of two well-defined, sharp peaks at approximately the same price level. The technical event occurs when prices break out below the lowest low of the formation, which confirms the pattern.

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Sometimes called an "M" formation because of the pattern it creates on the chart, the Double Top is one of the most frequently seen and common of the patterns.    MORE...

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