LT 1Month analysiswe have spotted yet another major breakout
in LT, it has been in a channel since 2007, this
might be a good opportunity, It already broke the
channel, Now we can see higher levels, if it corrects,
it might test 1590 levels and then move higher
SL should be big for 1M timeframe analysis and
the targets too
LTOUF trade ideas
Higher High & Higher Low Series PatternThe Stock is trading near 20 day sma along with higher high and higher low series pattern, it's indicates a strong up trend that's likely to continue in the near term. in addition, on daily and intraday charts it has formed higher low formation which is broadly positive for larsen & trurbo. on daily charts, Rs 1665 could act as sacrosanct support for the stock and sustenance above the same can take it to Rs 1850
Swing SetupEXPLANATION : This is a 4 hour time frame chart of LARSEN & TOUBRO , It has formed Rising wedge pattern breakout also formed head and shoulder pattern . Ideal entry is breakout and retest of Rising wedge pattern & Right shoulder of head and shoulder pattern . Enter as per your setup .
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Breakout in LTDisclaimer :- This is not any buy or sell recommendation. It is just my view on this counter. Kindly consult with your financial or investment advisor before investing.
On the daily chart of L&T stock has given a fresh breakout on Thursday from upward channel pattern. And it has been retested on it's upper channel band on this Friday and candle has closed above the channel. So, we can expect this bull run will be continued on this counter.
First support level is around 1715. And as per the Fibonacci next upside level is 2057 but this level is so far from here. So, that's why I marked on 1900 and 1975 manually for the first and second target respectively and my third target is 2057.
Thank You :) Happy Trading :) Happy Investing :) Over & Out :)