📈 L&T Finance Holding 📉
Today broke out from a Resistance Zone after testing three times and also broke out from a downtrending Trendline Zone which is coming from all time high, It means it has come out from larger bear trend however a major swing yet to crossed on closing basis.
Long time frame chart is attached below at end.
On Buy Side I am looking for...
L_TFH - Long Buildup Candidate
Target- 100 110 130+
It is good long candidate for short and mid term traders. The stock has bounced exact from our Half Bat pattern PRZ area.The trendline support is very important as it is holding the stock in the uptrend.
On Weekly Chart, the share with a support level at 84 bounce back and today it breaks important resistance near 92 which make it a clear way
For Short term
100 rs target with stop loss 84.
For Long term
120 rs target with no stop loss. Time duration 3 to 6 months,
Downward channel: downfall to continue., given the turmoil in the NBFC space
Interestingly, on Sep 25 the volume was high & the stock closed in green, depicts interest amongst investors, where the stock closed at 131.
Stock is at a level where major support and short term support both meet with golden ratio Fibonacci. In a bull market this stock would now be accumulated and would take off anytime. Buy here and expect good returns for long-term also