The stock has been continuously testing the resistance at 915. Last day too the resistance was respected, but since the stock is highly bullish, there is chance for the breakout to happen. The bullishness will be confirmed if the resistance is broken. This is an intraday as well as swing pick from my side.
Buy above 915
Avoid the stock if a big gap up...
LT IS CURRENTLY TRADING IN ITS VERY CRUCIAL SUPPORT AREA.
MOST OF THE PEOPLE BELIVES IT WILL REVERT FROM THIS SUPPORT AND THERFORE ONE SHOULD GO LONG.
BUT AS PER MY VIEW IF STOCK IS HOVERING AT A PARTICULAR PRICE IN THIS PARTICULAR CASE AROUND 895-905 THEN IT'S SURE THAT SOMETHING IS COOKING AND WE SHOULD BE CAUTIOUS. (MIGHT BE PEOPLE WERE RIGHT ABOVE GOING...
Larsen & Toubro Limited : Construction Engineering Company ( NSE:LT ) is Making Rectangle Channel Pattern (PATTERN BREAKOUT TRADE).
This can become a very good trade for INTRADAY traders.
Target + StopLoss: There is no target here. You keep the first target as much as the StopLoss you put. And the StopLoss will be the Low/High of the candle that broke this...
RSI moved from 40 indicating upmove which is supported by buy signal in MACD.
Price Acttion shows reversal but the movement of 200 EMA suggests that price may face resistance once it reaches that level.
Anyway, it looks good for swing with a price range of 950-960 being the target and stoploss being below the channel.
LT is taking support on lower band of upward price channel.
If this support is broken by it then it will start downward movement.
If it will reverse and move above previous high then will try to move higher band of upward price channel.
Entry and target level on...