Manali Bhatia
Last month Larsen & Toubro has formed bearish Doji candlestick pattern with negative divergence and the low of the pattern has broken on the lower side this month that is creating a fresh sell signal.
On weekly charts, the stock has formed “bearish engulfing” as well as “three black crows” candlestick pattern indicating bears have taken the charge.
On the daily chart, the stock has closed below 200-Day Moving Average and momentum indicators are trading in a bearish zone. It suggests bears are likely to have upper hand in coming days and traders can sell for a short-term gain.
The author is Senior Research Analyst at Rudra Shares and Stock Brokers.
Disclosure: Rudra or its research analysts, or his/her relative or associate do not have any direct or indirect financial interest nor any other material conflict of interest at the time of stock recommendation, in the subject company. Also, Rudra or its research analysts, or his/her relative or associates does not have actual/beneficial ownership of one percent or more securities of the subject company.
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