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The chart above is of Amazon.com Inc. AMZN and shows a double-top pattern that formed in the stock between September and October 2018 around a price of $2,050. The important support level in this case formed around $1,880. Despite the stock falling nearly 8% from its October peak to support at $1,880, one could not confirm the double top until after the stock fell below $1,880. From that point forward the shares went on to plunge almost 31% further.
In the next example using Netflix Inc. NFLX, we can see what appears to be the formation of a double top. However, in this case, we see that support is never broken or even tested as the stock continues to rise along an uptrend. However, later in the chart one can see that the stock again forms what appears to be a double top in June and July. But this time it does prove to be a reversal pattern, with the price falling below support at $380, resulting in a decline of 39% to $231 in December. Also, notice how the support level at $380 acted as resistance on two occasions in November when the stock was rising.
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