Initiating a short trade on Laurus labs with very less stop loss. RR is very high in this trade.
Shorting at 476 for a target of 386 with 482.65 as SL on closing basis.
Disclaimer: I am not SEBI registered, please consult your FA before investing
Stock has given a breakout of the neckline near 490 of a H&S continuation pattern. The measured target of this pattern is coming about to be in the region of 380-375.
Sell Near 450 and keeping SL of 480 look for the target of 380-75.
#LAURUSLABS trading @ major Support level.
The tested 3 times till now, BD may not sustain long, Bouncing and sustainability from this level may show very good momentum 👍
All levels mentioned on chart.
Simple price analysis of Laurus Labs.
Laurus Labs, currently has found a support at around 450 and has made reversal.
Critical thing to note would be when Laurus Labs crosses the 200 day EMA, at around 529. Need to check other supporting parameters to see if the turnaround is in the corner.
The RSI has reversed from 40 and is currently at 46. Positive trigger...