Larsen & Toubro (LT): Breakout on a daily chart Long

LARSEN & TOUBRONSE

Description

⋅ Dec 31, 2021 3:37 PM

LT looks set for a breakout, identified with a cup and handle formation- with the ideal buying range between 1900 and 1920.

Short term target of 1984 and long term target of 2230.

Always keep a stop loss at 5-8 percent.

Note: Not a buy or sell recommendation, but a personal analysis for educational purpose.

Trade active

⋅ Jan 13, 2022 4:19 AM

Short term target of 1984 achieved.

Comments

Bhanu1986

⋅ Jan 2, 2022 1:02 PM

On what parameters you decide the long-term targets.

TheUnlearningOne

⋅ Jan 2, 2022 3:14 PM

@Bhanu1986, Simple price action, the difference between the top and the base of a triangle can be used to arrive at a level, using the top as a new base. U can also use Fibonacci to arrive at the target and retracement level, but I prefer to use this.

TheUnlearningOne

⋅ Jan 2, 2022 2:23 PM

Simple price action, the difference between the top and the base of a triangle can be used to arrive at a level, using the top as a new base. U can also use Fibonacci to arrive at the target and retracement level, but I prefer to use this.