A Double Top is in play for Bouygues (EN FP), the French construction, telecoms and media group, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.

Last week’s break below the 37.58 neckline left a Double Top, with a measured target at 35.4 (see Chart). Dodd points out that the stock’s recent rally led to a retest of the pattern neckline, but yesterday’s engulfing candle (27 November) suggests a resumption of the move lower towards the target.

See Chart.