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Descending Tops
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Descending tops are a series of trades with each high lower than the one preceding it. Descending tops are most clearly seen on a chart which records an equity's trading range. Descending tops can be charted for virtually any time frame, from minute-to-minute charts to daily charts and all the way through yearly charts -- or even beyond. While not universally accepted, many traders -- especially technical traders -- consider a series of descending tops a bearish indicator. Descending tops can be used as an indicator for stocks, bonds, commodities and indexes. Descending tops in an index can indicate a broader market downtrend. The opposite of descending tops is ascending tops, considered by many technical traders to be a bullish signal.
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