Larsen and Toubro Elliott Wave Analysis

 LT daily chart

From the above chart, prices are persisting above the rising trend line and has also crossed its previous cluster of resistance of 1590 levels, all are suggesting that prices are firmly positive. However, RSI is in overbought zone and can relieve in near term.

As per waves perspective, prices are moving up in wave v where it can move till 1660 to 1665 levels, which is 100% of wave i. Just a guideline which says it can achieve this level. However, failure to protect the level of 1450 levels will infuse selling pressure dragging prices way lower till 1300.

The summation is prices can achieve 1660-1665 levels but it is better to have a support intact for this stock, which is placed at 1450 levels. Break of this level will falter price till 1300 levels.


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