Pattern Identified: Double Top formation at the $165 level.
Neckline Break: Price broke below $162.38, signaling potential further decline.
Confirmation Zone: Watching the $158-159 range for additional bearish confirmation.
Analysis: The double top pattern indicates a possible reversal from recent highs. The break below the neckline at $162.38 suggests increasing bearish momentum. A move into the $158-159 range may confirm the downward trend.
Trading Plan:
Stop Loss: Set above $165 to limit potential losses.
Target: Aiming for profits if the price continues to drop below $158.
Time Frame: This is a short-term trade focusing on quick market movements.