LT on the daily formed a possible bear trap by closing below the trend line & then showing a v shaped recovery from there. On the hourly it has closed above the downward sloping trend line resistance but it was not a convincing break. There are 2 major supply zones sitting on top of it, the first one is a very small zone which has a less probability of holding...
On daily time frame, the stock is trading just near the resistance level of 1765-75.
The stock has closed just below the resistance level and 20 ema.
Once the level of resistance and 20 ema breaks, the stock can give a good up move.
Wait and watch for the chart pattern to form near the levels.
Support and resistance levels are there in the chart itself.
LT looks set for a breakout, identified with a cup and handle formation- with the ideal buying range between 1900 and 1920.
Short term target of 1984 and long term target of 2230.
Always keep a stop loss at 5-8 percent.
Note: Not a buy or sell recommendation, but a personal analysis for educational purpose.
Hi everyone, Larsen & turbo short term swing trade consider buy above: 1,910, targets: 1,980/2,010. stoploss: 1,880.
LOGIC BEHIND TRADE: Stock has bounced from it`s daily support between (1,765-1,735) & formed doubble bottom, recently stock has given breakout of it`s neckline resistance and buying on pull back makes good RR. (Targets identified from harmonic...
