LTOUF trade ideas
L&TA classic Cup pattern formation & stock at support of 1460, indicates after a confirmation candle 1st target is its previous resistance of 1572 & once this target is achieved a Cup pattern will be formed on Day charts. Next target after a breakout should be 1726. If you are planning to enter now, enter with the SL of 1307, Risk-Reward is favorable now since the stock is at its previous support.
Swing Opportunity in LarsenGo Long above 1519.6 for Targets of 1561.2, and 1602.8 with SL 1478
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.382 Fibonacci level.
2. A bullish candlestick pattern, Bullish Hammer (marked with an orange circle) is formed at 0.382 Fibonacci level.
3. The stock was facing resistance from the trendline earlier and now after giving breakout, the trendline is acting as a support.