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.
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IT sector stocks are forming short term bottom.
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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.
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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
today it seems like stock has completed it's wave 5 decline,as there's a 2-4 trendline breach along with sub wave 4 high breakout of wave 5 at 4460 odd levels.Going ahead bounce would be of corrective nature as we already have an impulsive decline unfolding from 5955-4210,hence long's should be protected with proper stop-loss.As of now we can see price has made an important pivot low at 4241 before 2 days,which can be kept as stop-loss for long entry from cmp of 4533 for target of 4850 and 5050.
UNDERDOG-29
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@UNDERDOG-29, target of 4850 done,should close position if trade taken
Sir still we can go long in this IT sector or in ltts?