Tuesday, 12 September 2017

LT IS IN SHORT TERM REVERSAL PHASE


SELL LT BELOW 1220 TGT 1200/1180 SL 1245

TECHNICAL VIEW:  After showing strong bullish movement , it  is forming a reversal pattern in short term charts, Primary trend of the LT is bearish. Strong Support level seen on daily chart at 1220. , it is likely to show correction with the breach of the support level of 1220, where one may initiate the short position in it for the targets of 1200/1180, while stop loss can be placed at 1245. On the other side It is likely to continue the upside move in near term with the crossing of the resistance level of 1235. as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 70.  After breakout, the level of 1235 One may get the targets of 1250,1270 in the stock with the stop loss of 1220.
DAILY CHART FOR LT:



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