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TrendLine Break

Short
NSE:LT   LARSEN & TOUBRO
LT Since the breakout above 917 is trading within the pitchfork trend channel. Stock seen support near the lower trendline and resistance near upper trendline and its moving higher oscillating within the channel.

After the results tried to breakout of the channel but faced resistance near multiyear horizontal resistance near 1590 and fell back within the channel. Last week it broke the lower trendline. After that it did a BO retest and sustaining lower.

Stock is forming a descending triangle chart pattern on daily scale since price rejection around 1590. 1435 remains the major neckline support at present. Once taken out it can revisit 1332 levels.

Stock likely to bounce from the neckline support. Planning to create a positional short trade on rise or even if it breaks 1435 with proper risk management. Cant share the strategies here. But those who are following since sometime can make out basis previous examples.
Comment: Disclaimer: All these stock ideas or trade updates shared here are for educational purpose only and completely non-advisory in nature. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE / BSE / MCX market basis this ideas. Objective of posts is to educate and help members learn technical analysis and hedging techniques from my personal trade picks to reduce the risk per trade and save yourself from bigger losses.

All these trade picks are selected using technical analysis and price action (VSA MomentumInvest Trading Setup) and for my own trading purpose only. Technical indicators are lagging and may generate false buy/sell signals. Market is supreme and my views may go horribly wrong. Please don't consider these trade ideas as trading recommendations. You may consider it for learning or at max use it for paper trading. Strictly avoid it for trading using real money. I am not responsible for any kind of profit and losses arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades (or trade at your own risk).
Comment: As posted next session it bounced strongly and tested upper trendline resistance and then headed lower making a low of 1357.

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