The price of the stock L&T (NSE: LT) is has broken out toward all time highs (ATH) on the day time scale. The price retraced toward previous high of 2420 and has exhibited a continuation. Bulls are strong in the ATH zone and buying the breakout is the most logical thing toward risk management level of 2420. Long-term target would be 2.618 Fibonacci extension of 3120.
LT had given an upmove of massive 30% in just 6 months from its previous breakout level of 1600 shared earlier. It has already retested that breakout zone. Currently, stock is trading at its 200 DEMA and a strong demand zone of 1720-1740. This stock is looking great for long term as well as short term investing at this current price.
L&T taking support at 200 Day EMA, shows probable upside from here
stock analysis: L&T has broken the raising channel it is good buy around current level with marked demand level as stop loss for short team. for long term it is expected reach the given target let's see Happy Investing!
As per RSI and price diversion ok chart of L&T it will give a good upside move. Target and stoploss is given in chart. After breakout of price stay above trendline then enter. Afterall world market scenario is downside so breakout can be delay but keep eyes on L&T.
Larson seems like bullish side. we can take long above 1718 level and put stop loss below recent structural low.