MULTIPLE TOPS
Reversal chart formation that exhibits the deficit of a security to break through to new peaks on several occasions, which tells a strong sell signal. It can be double tops or triple tops. A multiple top normally forms at the close of an uptrend in an index or security. As the uptrend diminishes in the similar general area several days or weeks apart, the security goes back on every occasion and forms a support level, that is the price level where the bulls bears it up. If it goes on stalling through the stiffened resistance given by the multiple top area, at given point, the bears will prosper in driving it below the support level. The downfall break of this support level would be an absolute manifestation of the multiple-top pattern form.
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