Larsen
& Toubro Infotech Ltd forms bullish "Hammer" chart pattern
Recognia has detected a
"Hammer" chart pattern formed on Larsen & Toubro Infotech Ltd
(540005:BSE). This bullish signal indicates that the stock price may rise from
the close of 1,590.30.
Tells Me: The price may have reached the bottom of the
recent downtrend, having recovered high up from a sharp decline for the
session. The Hammer appears during a downtrend, displaying a long lower shadow
with a small real body at the top of the range. The price may be developing a
bottom and due for a reversal to the upside.
This bullish pattern can be seen on the following chart.
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