Y Ventures Group Ltd forms bearish "Double Top" chart pattern
Aug 17, 2020
Recognia has detected a "Double Top" chart pattern formed on Y Ventures Group Ltd (1F1:SGX-ST).
This bearish signal indicates that the stock price may fall from the close of 0.087 to the range of
0.070 - 0.080. The pattern formed over 43 days which is roughly the period of time in which the target
price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price seems to have reached a top, after failing to break through a resistance level and
ultimately breaking downward in a sign of reversal to a new downtrend. The Double Top pattern forms
during an uptrend as the price reaches two distinct peaks at roughly the same price level. Volume
reflects a weakening of the upward momentum, tending to diminish as the pattern forms, with some
pickup at each high, less on the second high. Finally the price breaks down below the lowest low
to confirm the bearish signal.
This bearish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
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Rule number 1: Always put a stop loss before entry, always, no exception. You do not drive a car if it does not have brakes. Have a stop loss first, then think about entry, end of conversation.
Rule number 2:: No Rule number 2, strictly master Rule Number 1 and you are likely to succeed in Technical Trading.
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