LT trade ideas
Is LT going towards 769?Hi
Everything mentioned on chart :-
Price near long term resistance line
Bearish divergence
Doji
Double top
Global factors
Is it going towards 769 in next few months ?
Invest,Trade Cautiously
Regards
Sumeet Lunia
New Delhi
6 Dec Sunday (Price @ 1388.05)
LT - SHORT TERM AND LONG TERM PLANLT HAD MADE AN ENDING DIAGONAL IN THE C WAVE ON THE DOWNSIDE. THIS WAS DEMONSTRATED BY THE FACT THAT THE ENTIRE C WAVE WAS RETRACED IN LESS THAN 1/4TH OF THE TIME TAKEN FOR IT TO FORM. THIS MEANS THAT THE CURRENT UPMOVE IS AN IMPULSE. WAVE 1 AND WAVE 3 OF THIS IMPULSE HAVE ALREADY BEEN COMPLETED AND WAVE 3 IS SLIGHTLY LONGER THAN WAVE 1. THIS MEANS THAT THE 5TH WAVE WILL BE THE EXTENDED WAVE, WHICH FURTHER SIGNIFIES THAT WAVE 4 WILL BE MORE COMPLEX AND TIME TAKING. HOWEVER, ONCE WAVE 4 IS COMPLETE, THE UPWARD MOVEMENT WOULD AT LEAST BE 170 POINTS FROM THERE. RIGHT NOW, THIS CAN BE TRADED FOR C WAVE.
THE ENTIRE UPMOVE FROM 1322 TO 1411, THE ABC WAVE COMPRISES OF A LEADING DIAGONAL IN WAVE A AND AN ENDING DIAGONAL IN WAVE C. THE IMMEDIATE TARGET OF LT IS 1358 WITH A STOPLOSS OF 1428. THIS TARGET SHOULD BE ACHIEVED BEFORE EOD OF 19 NOVEMBER
Expiry Strategy: Sell 1400 Call Oct @ CMP 4Recent fall following bearish engulfing in weekly and close below bollinger lower band would keep the sentiment in negative bias for Oct. Expect the expiry would stay below Rs.1400.
LT, 200 DMAThe engineering behemoth is not doing much for last six month. Now price is at 200 DMA. Expect some consolidation to make decisive move.
Long in Larson and Toubro Stock is trading in channel.
May touch a short term target of 1320.
CMP: 1308
SL: 1302
Good risk reward ratio of 1:2
Target 1: 1320
WEEKLY TRIPLE THREE STRUCTUREAfter setting new high the stock is going swing down to 700 level zone.
L&T bu CMP 1172 Target 1260L&T bullish Crossover on Daily & weekly charts strong volume today buy CMP 1172 Strong support @ 1100 Target 1260 above that logical target 1750 in next 6 - 9 Month
L&T Buy CMP 1172 Target 1260L&T bullish Crossover on Daily & weekly charts strong volume today buy CMP 1172 Strong support @ 1100 Target 1260 above that logical target 1750 in next 6 - 9 Month
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Larsen & Toubro (LT) a buy on dips (Elliott Wave Analysis)In this article I'm doing Elliott Wave Analysis of LT .
As per the posted chart LT seems to have started the Wave 3 and currently seems to be have completed the lower degree Waves 1 and 2 , simply speaking we should be seeing a 3rd of the 3rd real soon if this analysis is correct.
Currently 2 trading strategies can be employed :
1. Traders can buy on dips in the Red Zone around 1450 to 1430 keeping strict SL below 1380.
2. A less aggressive approach would be to buy on clear break of the important Resistance of 1520.
Once the market sits above that level it would be a clear validation of the counts.
Point of Invalidation lies below 1300
I will update further if need arises.
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Buy LTBuy LT near 1454 with stop loss at 1420-1421 and target at 1515 with reward to risk ratio 2:1.
