Positional Pick(Larsen and Toubro)The Stock has given a breakout from a falling wedge kind of pattern and also formed a bottom in higher timeframes.
Can be Brought At CMP from targets of 1670(Swings) and 1740(Positional Basis).
Fundamentally, Stock is very strong could be a nice time for investing (Short to medium term).
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Trade ideas
Larsen & Toubro ( LT )Buy @ 1500 to 1550
Put the stop loss below 1450 on the daily closing basis
Upside target @ 1650 then 1750
Technical:- On the daily chart smart money formed a double bottom chart pattern ( this is a trend reversal pattern ). According to my opinion, what should have been the correction of the five-wave here, has been done. I think this is a good time for accumulating this stock. On the other hand, if you look the stock looks fundamentally and technically valuable at this price level. So my dear investor if you are interested you can buy this stock for 3 months. The risk-reward ratio is also favorable.
Disclaimer:- Dear followers before taking any trade do your own analysis and consult your financial advisor because I'm not a SEBI registered advisor.
Bearish Structure with Bearish Pole and FlagImportant SR levels Update based on volume profile analysis for NSE:LT
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Above is purely my opinion. It doesn't mean that you need to trade accordingly. Please note that I'm not Sebi registered advisor or technical analyst . Trade on your own conviction and please consult your advisor before investing .
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LT Larsen & toubroLT shown selling pressure today and has been closed below 20DMA, RK's mass psychological cloud and RK's stop line both are indicating bearish scenario ahead, this stock is showing clear wave counts on daily chart, where after completing 1-2-3-4-5 impulse now its in corrective phase as wave W-X-Y, also chart is showing that W and X has completed now wave Y is unfolding as subdivided waves A-B-C. after completing wave A-B possibly we are in wave C, All this indicates wave C of Y is started, which should be unfold in five waves decline, and if C is going to be equal as A then it can show near 1354. Also all other parameters are supporting same, which are mentioned below with snap shots. All the key levels are mentioned on chart.
Overall wave structure and bias scenario
Price closed below 20DMA
Weekly macd is running negative
Daily macd is also down tick below zero line
Breakdown along with good intensity of volume on hourly chart
RSI on daily down tick near 40 area.
RK's psychological cloud along with stop line and also RK's signal all are suggesting bearish scenario.
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
LT getting ready for a big move up?LT gave a good breakout of the trendline & is now on its way back down to retest the trendline. The ideal place to buy will be between 1585-1600 as it is also the retracement into the fib golden zone of its last move up. the recent import duty cuts on raw materials like Iron & levy of export duty on steel products should also be of benefit to the stock.