Double Tops - My Stocks Investing

Genting Singapore – Trading Within a Range

Post author:Marubozu
Post published:May 11, 2010

Genting Singapore looks like trading within a range from $0.86 (50% Fibonacci Retracement Level)to $0.969 (61.8% Fibonacci Retracement Level). It looks like a good pattern to trade if Genting continues to move within this range until the breakout.

From the chart, a mini double bottoms has been formed and Genting may be forming a mini double tops too. The chart looks interesting for me to keep in the short term trade watch list. Feel free to comment if you see other patterns.

IndoAgri – Break Critical Support

Post author:Marubozu
Post published:May 7, 2010

IndoAgri seems to have broken the uptrend support which is also the support for a Double Tops chart pattern, with a spike in trading volume. If IndoAgri cannot move back above the support level (about $2.25), the stock may go down to $1.713 which is a Double Tops breakout price target and also 61.8% Fibonacci Retracement Level.

Review of Key Indices Patterns

Post author:Marubozu
Post published:November 15, 2009

DOW JONE INDUSTRIAL

DJI is still on the uptrend as the chart pattern shows the index is still having a higher high, lower high.
10297 is a critical resistance and DJI has to break this resistance to confirm the uptrend is still intact.
9916 is a critical trend support. If DJI breaks this trend support, the next critical support level to watch is 9710. If DJI cannot stay above 9710, it is confirmed that DJI up trend has ended and may start the down trend.

S&P 500 (SPY)

S&P500 appears to be forming a Double Top. Critical support is at about 105 (projected up trend support level). If SPY breaks below this trend support, SPY may be sent down to about 100 level.
110.1 is the critical resistance.

NASDAQ COMPOSITE

NASDAQ appears to be forming a Head & Shoulders. If NASDAQ falls below 2041 (neckline) and stay below this level, H&S pattern is confirmed and may send NASDAQ down to 1893.

Straits Times Index (STI)

STI has a similar pattern to S&P500, forming a Double Top.
Critical uptrend support level is at about 2630. If STI breaks this support, the index may go down 2496 level.
Critical resistance at 2743.

Base on the chart patterns, DJI, S&P500, NASDAQ and STI probably will be bearish for the next one or two weeks. The market direction may be predicted depends on the patterns confirmation.