Possible double top formation can be seen in the near term on LT
Larsen & Toubro Outlook: Possible double top formation can be seen in the near term on LT where 1st phase or 1st top already completed now all could do assumed that possible next top formation going to be happened with in month.
We can see that TOP-1 having a heavy selling pressure on 1200 level which is the previous top High and demand continued on 1100 level which is our possible neck line which is also shown strong support area and continued decline on volume.
In case of Possible TOP-2 which High(1195) is also with in 3% compare to previous TOP-1 High(1225) because TOP-2 high with in 3% so we must consider as a TOP-2.
In case if all the possibilities are going to be happened our neck line should be on 1100 level with possible Targets are - 1050/1012/975 but Stop Loss is not still clear so we must wait for good stop area formation and neck line break.
CMP-1180
We can see that TOP-1 having a heavy selling pressure on 1200 level which is the previous top High and demand continued on 1100 level which is our possible neck line which is also shown strong support area and continued decline on volume.
In case of Possible TOP-2 which High(1195) is also with in 3% compare to previous TOP-1 High(1225) because TOP-2 high with in 3% so we must consider as a TOP-2.
In case if all the possibilities are going to be happened our neck line should be on 1100 level with possible Targets are - 1050/1012/975 but Stop Loss is not still clear so we must wait for good stop area formation and neck line break.
CMP-1180
Comment:
Price is almost near support line now wait for close below the line with volume
Comment:
wait for break out and close confirmations below 1106 level