Larsen & Toubro Ltd (L&T) hourly breakout

Larsen & Toubro Ltd (L&T), the stock is showing signs of a potential breakout from a descending resistance trendline. The price is trading above the 21-hour Exponential Moving Average (EMA), indicating positive short-term momentum. The RSI is at 67.55, suggesting that there is still room for upward movement before entering overbought territory. The recent increase in volume also supports the possibility of a sustained breakout.
As a technical analyst, I would suggest considering a buy at the current levels, with a target towards 3,700 or higher if the breakout sustains. However, given the resistance overhead, traders should maintain caution and set a stop-loss below the EMA or around 3,600 to manage risk effectively.