Symmetrical Triangle pattern Stock is in the midst of concluding a symmetrical triangle pattern. More often it is a continuation pattern. We expect positive breakout as the pattern has emerged during the long uptrend. RSI on daily and monthly chart provides scope of uptrend. So stock won't turn overbought on breakout
Trade ideas
DOUBLE BOTTOM PLUS BREAKOUT FROM BELOW IN LARSEN & TUBROAs seen in the Chart of Larsen that a Clear Break out is given from below in Trend Line. Further a Double Bottom chart is formed giving a clear break out, Ready to move towards next level 1980.If this level sustains then 2050 is in the cards.
As from past one month the share is trading in range bound manner.
Larsen & Toubro Ltd - 05.12.2021Larsen & Toubro Ltd - 05.12.2021
The stock is trading @ 1801 levels
RSI Bearish Divergence in weekly chart
Prices are below ema
spinning top in weekly chart
the stock is trading under a Channel Range
one can initiate a sell position below 1785 with support @ 1845
watch out for the price action
LT: Dips may provide better Risk::Reward ratio to Buy LT
We are looking at weekly charts of LT
Charts reveal
1680-1658 and 1615-1593 as important levels on the downside
The zone around 1600 acted as Resistance in 2019, Feb 2021 and June 2021 before seeing a Breakout in July 2021
On any further dips the stock could provide better Risk::Reward ratio to go long.
Take care & safe trading...!!!