Here's a chart of Delta Air Lines from 2011, clearly depicting a double top banging furiously at overhead resistance provided by a declining 200 day MA. Note the RSI provided a lower reading during the second of the two peaks in the double top. Once the neckline was confirmed, down she went as if in a nosedive! DAL formed a rising wedge between early August and late September, and a further breakdown followed as October approached.
At the same time, FAA - the Guggenheim Airline ETF - was giving a remarkably similar performance. Note the extended topping formation beneath MA 50 prior to its decline into a wedge rather similar in nature to that of DAL's. This was not a double top by definition, but once the price fell out of the encircled area, it may well have been interpreted as a confirmed break from a double top in view of the many other airline charts that were forming either double tops or formations similar to that of the ETF at that time.
Returning to beverages, Drinks Americas Holdings - the company that gave us Donald Trump vodka - formed a tidy double top as it tried to penetrate the downward slope of the 200 day MA. It was a valiant effort, however the weight of the MA was too much for it. Note that catastrophe followed at precisely the point at which MA 200 crossed MA 50 - but in opposite of the desired direction. A pincher formed, but it pinched the price downward with a vengeance, violating the trendline.
Finally, Horizon Lines (HRZL) provides two stunning examples of double top formations on its way down. This one is marked up rather well with regard to the RSI, the Moving Averages, and the volume, in which selling (or, as some might say capitulation) predomidated on the first high volume day of the selloff (circled in red).
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