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Larsen & Toubro Ltd. (500510.BO)
Close: 2 163.10 (-43.00), Mar 24, 2023
See Recommendation
Automatic technical analysis. Medium term, Mar 24, 2023
Larsen & Toubro Ltd. is in a rising trend channel in the medium long term. Rising trends indicate that the company experiences positive development and that buy interest among investors is increasing. The stock is moving within a rectangle formation between support at 2099 and resistance at 2211. A decisive break through one of these levels indicates the new direction for the stock. The stock has given a positive signal from the inverse head and shoulders formation by a break up through the resistance at 2058. Further rise to 2712 or more is signaled. The stock has support at rupee 2070 and resistance at rupee 2270. Positive volume balance indicates that volume is high on days with rising prices and low on days with falling prices, which strengthens the stock. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well.Recommendation one to six months: See Recommendation
Learn more about key technical aspects of this stock:
VolumePositive volume balance
Positive volume balance is a sign of health. It shows that the stock price is rising on high volume and reacting back on low volume. This indicates that investors are worried about not getting into the stock when something happens, and also hesitant to sell on falling prices.
Price formationDeveloping rectangle formation
The price is in a rectangle formation. If it breaks upwards, a buy signal is triggered. If it breaks downwards, a sell signal is triggered.
Price formationInverse head and shoulders formation
A buy signal from an inverse head and shoulders formation signals increasing optimism among investors and the beginning of a rising trend. Formations like this are considered some of the most reliable formations in technical analysis.
Support and resistancePrice between support and resistance
Price is between support and resistance. Many investors find it cheap near support and expensive near resistance. A break upward will be a buy signal, whereas a break downward will be a sell signal.
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