On long term chart L&T have broken the down trend. There is lack of volume support to prove the breakout.This means that this stock will not start a bull rally right away but a sideway movement for a while. It will be back from 1600 levels.
However on the mid term chart one can see that OBV is making new highs while the stock was moving sideways. This means that the fall in August 12 was not with bear participation this makes 1300 a very significant support. This means with all falls this stock is being bought for longer term by various investors.
1600 is the 50% fib level for the fall from 2200 to 970.
1600 is the 50% fib level for the fall from 2200 to 970.
1 comment:
Good analysis. Pl keep up the good job.
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