Saturday, February 5, 2011
L&T Views!!!
What you see below to your left is the daily chart of L&T. A perfect illustration of H&S, and then a perfect achievement of the target to the downside. Is this the end of the fall??? Frankly speaking no idea… as they say that no support or resistance is strong enuff when the Price is in a strong trend! 1550 looks like a small speed breaker for now.
On the hourly chart (to your right) we can see the fall has been parabolic and now a bullish divergence is seen, but then the price has not given any confirmation to it. If playing for a small bounce then buying above 1580 with a strict 20 point stop can target 1600 and 1620…whereas the real strength will emerge on a strong (volumes!) close above 1650!
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