LT : 5th time Retest of 1800's zone !
In Past 3 years from 2014, LT has tested this 1800's zone 4 times & went down everytime. Now it is back again testing the same zone, though we have wiggling room of 150 points in the upside, the resistance zone seems pretty strong. History repeats but for 5th time it will retrace after hitting the resistance zone or not ? Only LT can answer, but we have reasons to believe it will retrace down.
i) Pretty Strong resistance zone & Harmonic pattern completion in the zone
ii) Potential Double Top formation (daily) with RSI divergence can happen, if you check back it has happened earlier in same resistance zone
3) Though Double top formation fails, ABCD completion is little above that but still within zone
Personally, I feel it will get into range mode of 400 points but I haven't checked fundamentals so I can be wrong.
If you have strong fundamental reasons to believe that it will move up breaking 1900's , you can acquire very small quantity now & Go with accumulation & once that 1900's resistance crossed convincingly on weekly, you can fully invest.
Happy Investing !
i) Pretty Strong resistance zone & Harmonic pattern completion in the zone
ii) Potential Double Top formation (daily) with RSI divergence can happen, if you check back it has happened earlier in same resistance zone
3) Though Double top formation fails, ABCD completion is little above that but still within zone
Personally, I feel it will get into range mode of 400 points but I haven't checked fundamentals so I can be wrong.
If you have strong fundamental reasons to believe that it will move up breaking 1900's , you can acquire very small quantity now & Go with accumulation & once that 1900's resistance crossed convincingly on weekly, you can fully invest.
Happy Investing !
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