Double Top Breakdown at Resistance Zone

29 Jun

The chart reveals a classic Double Top pattern formation near the 3,360–3,480 resistance zone, followed by a clear bearish rejection (highlighted with red arrows). This confirms the presence of strong supply pressure in that region.

🔍 Key Technical Highlights:
🔺 Double Top Pattern

The price formed two swing highs near the resistance zone, failing to break above.

After the second peak, the price started declining, confirming the reversal pattern.

📉 Bearish Channel

The recent downtrend is contained within a descending channel, with consistent lower highs and lower lows.

Price broke below the neckline of the double top pattern around 3,270.

🎯 Target Projection

Based on the height of the double top pattern, the projected downside target is near 3,207.5, aligning perfectly with the support zone marked below.

🟠 Historical Support Areas

The large orange circles indicate key reaction points, confirming that the 3,207–3,220 area has acted as support in the past.

📊 Outlook:
If the current bearish momentum continues, price is likely to head towards the support target zone at 3,207.5. Any pullback toward 3,320–3,350 could provide a shorting opportunity with stops above the recent highs.

🔧 Bias: Bearish
📍 Resistance: 3,360–3,480
📍 Support: 3,207–3,220
📍 Target: 3,207.5

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