LT : Price Action
Updated
LT is back in the price action value area as I had discussed in one of the earlier posts.
It has also taken support from the trend line as indicated in another post and the sentiment remains bullish for it to cross 1000.
The ban on Chinese firms in different infrastructure sectors should definitely help the move up.
The stock closed the week at its value price of 945
The key resistance for the upward movement are 955 and 980, while key support levels are 940 and 930.
Value areas always make ideal candidates for scalping. Thats what I would look to do.
Positional trades can be taken as:
Go long above 955 for 975-980 levels with SL at 945
Short below 940 for 930 with SL at 945.
It has also taken support from the trend line as indicated in another post and the sentiment remains bullish for it to cross 1000.
The ban on Chinese firms in different infrastructure sectors should definitely help the move up.
The stock closed the week at its value price of 945
The key resistance for the upward movement are 955 and 980, while key support levels are 940 and 930.
Value areas always make ideal candidates for scalping. Thats what I would look to do.
Positional trades can be taken as:
Go long above 955 for 975-980 levels with SL at 945
Short below 940 for 930 with SL at 945.
Note
Please be wary of gap openings when initiating positional trades.Trade active
Buy triggered at 955Trade active
955 is coming as a tough resistance to beat; But tougher the resistance larger is the breakout once it happen. There is a lot of trading remaining in the day though and the idea is good as long as NIFTY stays above 10550Trade closed: target reached
Related publications
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.