PropNex Ltd Bearish Double Top Pattern

PropNex Ltd forms bearish "Double Top" chart pattern Jun 24, 2022 Trading Central has detected a "Double Top" chart pattern formed on PropNex Ltd (OYY:SGX-ST). This bearish signal indicates that the stock price may fall from the close of 1.520 to the range of 1.140 - 1.220. The pattern formed over 51 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. Yield at close 1.52 Year Yield Total Amount Ex Date Pay Date Particulars 2022 4.61% SGD 0.07 SGD0.07 2022-05-09 2022-05-20 Rate: SGD 0.07 Per Security 2021 6.25% SGD 0.095 SGD0.055 2021-08-20 2021-09-03 Rate: SGD 0.055 Per Security SGD0.04 2021-05-07 2021-05-20 Rate: SGD 0.04 Per Security 2020 2.47% SGD 0.038 SGD0.015 2020-08-21 2020-09-03 Rate: SGD 0.015 Per Security SGD0.015 2020-07-01 2020-07-13 Rate: SGD 0.015 Per Security SGD0.0075 2020-07-01 2020-07-13 Rate: SGD 0.0075 Per Security 2019 3.13% SGD 0.048 SGD0.0125 2019-08-30 2019-09-16 Rate: SGD 0.0125 Per Security SGD0.02 2019-04-26 2019-05-13 Rate: SGD 0.02 Per Security SGD0.015 2019-04-26 2019-05-13 Rate: SGD 0.015 Per Security