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Possible double top formation can be seen in the near term on LT


Larsen & Toubro Outlook: Possible double top formation can be seen in the near term on LT where 1st phase or 1st top already completed now all could do assumed that possible next top formation going to be happened within month.

  • We can see that TOP-1 having a heavy selling pressure on 1200 level which is the previous top High and demand continued on 1100 level which is our possible neck line which is also shown strong support and continued decline on volume . 
  • In case of Possible TOP-2 which High (1195) is also within 3% compare to previous TOP-1 High (1225) because TOP-2 high within 3% so we must consider as a TOP-2. 
  • In case if all the possibilities are going to be happened our neck line should be on 1100 level with possible Targets are - 1050/1012/975 but Stop Loss is not still clear so we must wait for good stop area formation and neck line break. 
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