Saturday, 30 June 2012

Bulls have gained the upper hand in Larsen and Toubro?

I am writing in to update an important chart development in Larsen and Toubro. Prices on Friday have broken out of a contracting triangle on the daily chart. This indicates that the counter is getting ready to move out of the long bearish phase. Elliot wave counts also indicate a development of an strong impulse wave  unfolding. Investors can buy for targets of 1530/1620 in the coming months. Stop loss for the trade can be placed at 1250 levels.


CONTRACTING TRIANGLE BREAKOUT














Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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