L&T technology completed Inverted H&S pattern. Now its try to break price engagement & also Its closed in healthy Bullish candle in daily chart. Keep concentrate for the breakout. If Its breakout & sustain above 3374 , Target will be 3789.
📈 Larsen & Toubro ( L&T ) 📉
This broke out from a Resistance Zone of downtrending Trendline and closed above resistance which was support earlier of 1760-1775 .
On Buy Side I am looking for Targets of 1880, 2000 and 2080.
StopLoss should be kept below 1700-1720zone.
It offers 1:3 Risk To Reward.
All Important Supports and Resistances are drawn in chart. All...
EXPLANATION : This is a 1 hour time frame chart of LARSEN & TOUBRO . It has formed Head and Shoulder pattern , If give a strong breakdown and broke its Demand zone with high volumes and retest the same , I am bearish on LARSEN & TOUBRO . If give a fakeout trade with confirmations . LARSEN & TOUBRO Result on 27 Oct '21 .
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Support at 86.5 Resistance at 96.5. Eagerly waiting for upward rally.
Head and shoulder pattern & its decline is done.
higher chances of bounce back.
Decent RSI and recovery MACD, wait for confirmation and can enter.
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be an Inverse Head & Shoulders pattern bullish breakout. RSI above 70 indicates bullish momentum as well.
SL: ₹ 1500
1. Bullish market structure - HH, HL
2. Volume expansion
3. Forming descending broadening wedge
4. Approaching major resistance zone 99-108
5. Close above 108 will trigger a rally to 150+
7. Target: 123, 146, 174, 198. Stop Loss: 82
8. Time frame: 9-12 months
I have made an illustration on the left-hand side, to explain the descending...