LT is moving up
from past 3 sessions managing to close above previous day’s high. In today’s
session this stock is up by 4%. Terminal pattern is formed in the last wave of
correction pattern i.e in form of wave c. It indicates completion of previous
trend.
Was it possible
to capture this rise of 10% in just 3 days? Below is the chart showing detail
analysis using Elliot wave technique, Channeling and Moving Averages.
L&T 60 mins
chart:( Anticipated as on 25th October, 2018)
L&T 60 mins
chart:( Happened as on 01st November, 2018)
(Below is the
gist taken from our equity report published in our equity report on 25th
of October, 2018)
Wave
analysis:
L&T is one of the stocks which have managed to control its
move with respect to the serious gyration that is witnessed in the Nifty Index
from past few trading sessions. This does not mean that the stock has given
positive returns but the fall has been lesser as compared to other stocks and
in overlapping fashion since start of October.
As shown on daily chart, post breaking the channel
an attempt to re-enter the channel was made but prices moved in favor of the
bears and are now trading lower near 1218 levels. The fall has retraced nearly
50% of the rise which started from the lows of 871 and went on till the high of
1470 levels.
As shown on hourly chart, prices in the previous
session broke the important ii-iv trendline but until we see 1240 breaking on the
upside, it’s best to be with the trend and wait for price confirmation to turn
the bias to positive.
In short, move
above 1240 followed by 1260 will result into positive reversal in this stock………….
Happened: Prices have behaved, as expected, taking out the resistance of 1240
followed by 1260 levels indicating an important low is now in place. LT has
witnessed a terminal pattern in form of wave c. The sub- wave of this pattern,
are corrective in nature consisting three waves each. Post pattern implication
of terminal pattern is that prices retrace mostly 100% of wave c move.
Currently, prices have retraced more than 76.4% making an intraday high near
1384 levels.
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