LPT Technical Analysis: Current Trading Price Down by 8.87% at $65.28, Decline Continues Further

Past Performance

LPT opened on November 3, 2021, at $29.74. It closed on November 9, 2021, at $72.04. This was a dramatic weekly change of 142.23%. It also hit an all-time high at $100.24 in the last 24 hours.

LPT Technical Analysis

In the last 2 days, the price has shown a very sudden spike. However, this sudden increase in the price is now reversing, as the current trading price of LPT is 8.87% down at $65.28. The price is continuing to decline further as the day is passing. Let us see what the indicators are showing:

The OBV is showing that after a sudden increase in the buying volume, now the selling volume is having greater pressure on the price. Thus, the traders may take a short position here.

The RSI’s graph has also reversed its direction, showing a decrease in the strength of the bulls. This can be again taken as a negative signal. This is also because the RSI is currently in the overbought region, which can make the price go down even further.

The MACD line and the Signal line in the MACD graph are confirming the previous week’s increase in the price. There is no divergence from the price chart, which again means that the price is unlikely to increase further.

Day-Ahead and Tomorrow

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Moreover, the indicators are giving strong bearish signals. The LPT traders may be alert for the price to drop even further, as the price is very less likely to increase. They can keep a stop-loss at $50. However, if the bulls take control of the market and the price starts to increase, traders can keep their target at $80.

Even after the sudden spike, the price chart has not crossed all the Fib levels. It is currently being tested around the Fib pivot point at $73.65.