Stock Radar: LTIMindtree forms Cup & Handle pattern on weekly charts; buy now or wait for breakout?
[hfe_template id='11223']
[ad_1]
Post the breakout above 6,400-6,450, short-term traders can look for a target of Rs 7,246 in the next 4-6 months, suggest experts. Synopsis The IT stock peaked at ₹6,575 on September 19, 2024, but lost momentum. In November, it found support above the 21-week moving average and staged a rebound. On the daily charts, the stock found support above the 200-DMA in October before rebounding. A swift recovery from key moving averages signals bullish momentum is likely to persist. LTIMindTree Ltd, a part of the IT sector, has formed a Cup & Handle pattern on the weekly charts and traders can wait for a breakout before going long on the stock.Post the breakout above 6,400-6,450, short-term traders can look for a target of Rs 7,246 in the next 4-6 months, suggest experts.The IT stock hit a high of Rs 6,575 on September 19, 2024, but it failed to hold on to the momentum. It found support above the 21-week moving average in BY ETMarkets.com Nov ...