Expanded Flat completion + Morning start formation
Updated
Seems like LTTS has completed expanded flat correction and going ahead we can see bounce in the form of new impulse or and connecting wave X which take prices higher.
We have morning star candle stick pattern formation along with 2-4 trendline breach and postive divergence in momentum indicator(not shown),one can go long at cmp 4650 with a stop-loss of 4300 for target of 5000.
Altough risk reward is only 1:1 at this point of time but price action is clearly suggesting current up move to continue further.
Sl should be trailed to each day's low once price crosses 38% retracement level.
Disclaimer:This are just my view on the stock no positon should be build or exited on its basis.
We have morning star candle stick pattern formation along with 2-4 trendline breach and postive divergence in momentum indicator(not shown),one can go long at cmp 4650 with a stop-loss of 4300 for target of 5000.
Altough risk reward is only 1:1 at this point of time but price action is clearly suggesting current up move to continue further.
Sl should be trailed to each day's low once price crosses 38% retracement level.
Disclaimer:This are just my view on the stock no positon should be build or exited on its basis.
Note
IT sector stocks are forming short term bottom.Note
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next week all this stocks can move 6-8%,one can go long at cmp as 2-4 trendline has been breached and we also have clear pivot low formation in the form of morning star candlestick pattern which can be kept as initial stop-loss and can expect up move to continue till it reaches at least 50% retracement level of wave C.As the move progresse's one should trail stop-loss to previous days low.Note
ALL PREVIOUS SET-UP FAILED BUT SINCE LAST TWO DAYS,IT SEEMS LIKE OVERALL STRUCTURE IS STILL VALID AND GOING AHEAD WE CAN SEE UPMOVE CONTINUING IN IT STOCKS
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