Larsen and Toubro Elliott Wave Aalysis

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 Larsen & Toubro daily chart


Larsen & Toubro hourly chart


From daily chart, prices are moving in a higher highs and higher lows, ten trading sessions back it has crossed its previous high which opens further positive possibilities. After making a high of 1026, it retraced back near to the horizontal line which was earlier acting as a resistance, will now be a support (polarity reversal).  The rising trend line is also playing a crucial role by providing support to this capital good stock. From there a sign of resilience is seen. RSI in the daily has relieved from the overbought and is set to move higher from current levels.

In the hourly chart, LT was trading below the falling black trend line but on Friday it crossed this trend lie thus giving a bullish break and at the same trading day there was a throwback where it re-tested the trend line (black). MACD is positively poised and can move higher as far as it is above the signal line.

As per Wave theory, prices have completed irregular flat pattern where wave iv is completed. This means wave v is pending on the upside and can travel till 1035-1039 levels which is 61.8% of starting point of wave c to wave iii of wave c to wave iv of wave c.

The summation is LT is all set to soar till 1035-1039 price range with support at 955 (closing basis).

Education

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Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

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Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
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