Why I like this structure?
1)Relative new listing - These always have more potential (look at Happiest Tech)
2)Uptrend structure even when market was pulling back
3)Good volumes on up days and low volumes on pullback days
4)Trending RS line (This is not RSI , I am referring to Relative Strength - Performance in terms of broader market)
5)Molality contraction seen...
LIKHITHA INFRASTRUCTURE COMPLETED IT'S 5 WAVE IMPULSIVE MOVE AT 358.LONG'S SHOULD BE LIQUIDATED ON IMMEDIATE BASIS AS IN COMING DAYS AN ABC CORRECTION CAN TAKE PRICES TO ATLEAST 277 LEVELS(38.2% RETRACEMENT OF ENTIRE IMPULSE).
Likhitha Infrastructure Ltd is involved in developing CNG-GAS stations and gas pipelines and also has clients like igl, mgl, guj gas & adani gas.
It started a big rally because of the Indian govt interest in developing a huge network of CNG stations all over India.
Technically, stock gives a strong BreakOut in the Day TF and can make a strong rally in the next...
it has formed double top at 284 on daily chart, either it could consolidate until it touches 21 EMA or it may fall upto 21EMA. if it breaks recent swing low it can fall further down.
