LARSEN & TOUBROPRICE IS AT ALL TIME RESISTANCE LEVEL.. #IF IT BREAKS AND SUSTAINS# ..THEN IT ENTERS INTO BLU SKY ZONE..THERE AFTER..ANOTHER STORY OF UPMOVE WILL START..IT ALREADY TRIED TO BREAK THE LEVEL BUT FILED..THIS TIME AGAIN TRYING TO BREAK WITH GOOD MOMENTUM..FOR LEARNER VERY GOOD STUFF TO LEARN..OBSERVE IT.
Larsen & Toubro Limited Shs Sponsored Global Depositary Receipt Repr 1 Sh Reg-S
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Trade ideas
LT approaching a crucial resistanceStock of L&T is forming an Inverted Head & shoulders in weekly Time frame with the zone of 1580-1600 as the neck line.
One can go long ONLY if there is a weekly closing above 1600 for minimum target of 1900 with SL as 1450 DCB.
On daily TF too, the stock is making an IVHS at the same level which can be a congruence to the analysis.
This is just for educational purposes. Hope you find this analysis interesting!
Beautiful InvH&S in LTFundamentally strong stock, given a very good breakout. I have already entered at breakout for given targets, I'll sell 60% on tgt 1 and trail the remaining qty on the basis of further price action. I took it as a swing trade , as I've told earlier it is fundamentally strong , it should not take more than 6-8 months to achieve given thts. Hope you found this useful, pls like and share your opinions in comment section.
Cup n handle pattern. General information regarding cup n handle pattern. LT used as an example only. This chart pattern was first popularized by William J. O’Neil. The cup part of the formation is created when profit taking sets in or the market itself is in a correction and the stock sells off and forms the left side of the cup to the downside. The cup bottom is formed when the stock finally runs out of sellers at new low prices and buyers start moving in and bidding the stock back up again as sellers demand higher prices to sell the stock.
The pattern has better odds if it is a stock in a strong sector that has increasing earnings growth expectations. LT is strong stock ...clean company .