This is weekly chart of LT on NSE (INDIA) with CMP @ 1295. It looks good for a long trade based on following observations:
1. Trendline drawn indicates that it has been tested thrice which establishes as strong support (shown with arrows on chart).
2. Similar formation in previous occasion in Jan 2017 as marked on the chart that it's likely to behave in similar bull run now. It was oversold then like it's now.
3. It is oversold on STOCHASTIC RSI as marked on the chart.
4. Support @ 1182 and resistance @ 1370 have been marked with horizontal line on the chart. Hence, resistance could be immediate target (1370) and stop @ 1180. However, possibility of it going past resistance is quite high and hence SL may be trailed to take advantage of upcoming bull move.
Happy Trading!!!
1. Trendline drawn indicates that it has been tested thrice which establishes as strong support (shown with arrows on chart).
2. Similar formation in previous occasion in Jan 2017 as marked on the chart that it's likely to behave in similar bull run now. It was oversold then like it's now.
3. It is oversold on STOCHASTIC RSI as marked on the chart.
4. Support @ 1182 and resistance @ 1370 have been marked with horizontal line on the chart. Hence, resistance could be immediate target (1370) and stop @ 1180. However, possibility of it going past resistance is quite high and hence SL may be trailed to take advantage of upcoming bull move.
Happy Trading!!!