L&T on the verge of a major breakout 5200 is the key level

Aug 15

✅The stock has consistently respected a 4-year old trendline, providing solid long-term support. This trendline continues to act as a robust foundation for upward movements.

✅ The 50-week EMA is holding strong and has recently provided support during the latest pullback. This is a crucial level to monitor, as it often acts as dynamic support in an ongoing bullish trend.

✅ The stock is nearing a critical resistance level that has been in place for the past 2.5 years. A breakout above this level could lead to significant upside potential.

✅ The RSI is currently around 48. A move above 50 would indicate a resurgence in bullish momentum, making it essential to monitor for confirmation of the next leg up. A breakout above 5200 could trigger a significant rally.