LARSEN TURBO DOUBLE TOP TGT 3350-3240 04.05.2024
Updated
Larsen & Toubro Ltd. seems to be an interesting bearish chart with following
1. Inverse Head and Shoulder kind pattern on daily chart
2. RSI on daily crossed below 40
3. Price Crossed below 20 SMA on Weekly chart
4. Negative RSI divergence on weekly chart with price making new highs and RSI making lower highs
5. Can be a good risk reward for short with stop loss above 20 SMA daily and for a TGT of 3350 - 3240
Lets see how it evolves
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
1. Inverse Head and Shoulder kind pattern on daily chart
2. RSI on daily crossed below 40
3. Price Crossed below 20 SMA on Weekly chart
4. Negative RSI divergence on weekly chart with price making new highs and RSI making lower highs
5. Can be a good risk reward for short with stop loss above 20 SMA daily and for a TGT of 3350 - 3240
Lets see how it evolves
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Trade closed: target reached
STOCK MADE A LOW OF 3150 ON 3RD JUNE
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