Bullish rejection in LT
Updated
The stock Larsen & Toubro (NSE: LT) has made a series of bullish rejection candles characterized by distinguishable upper wicks for the last 5-6 candles. This is coupled with the fact that the stock is trading at the top end of its 20DMA-Bollinger Band.
We consider these wicks a bearish sign and are of the opinion that the stock can fall from here and touch its 20 DMA (Bollinger Band mid-zone) at 1865 in coming days. Bearish view is negated if stock crosses the wick high of 1982.
We consider these wicks a bearish sign and are of the opinion that the stock can fall from here and touch its 20 DMA (Bollinger Band mid-zone) at 1865 in coming days. Bearish view is negated if stock crosses the wick high of 1982.
Trade closed: target reached
Our target of 20DMA-Bollinger band mid has been reached.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.