Chart Update: Larsen and Toubro (LT)

LT weekly chart:

LT Daily chart:

 LT is forming a huge symmetrical triangle as shown in weekly chart. In daily chart, prices are falling in a well formed down trending price channel. 

50% of Fibo retracement of fall from 1570-1351 = 1535

50% of Fibo retracement of fall from 1699-1351 = 1525

Trend line resistance is at 1525 

5 Day high EMA and 5 Week high EMA is standing at 1517

By combining all the studies it can be concluded that price band from 1517-1535 will act as stiff resistance.  Conservative longs can be taken only on move past 1535 while on other hand break of psychological level 1500 & 1495 will lead to fall in share price till 1480, bear will get more strong below it.. 

Strong above 1535 and weak below 1495 i.e close below 200 days MA. 

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