Escorts – Downtrend resumes?

I had posted an idea earlier about Escorts NSE:ESCORTS on May 8 when it was trading at 989 wherein the target of 911 was mentioned.

(Well, as we can see that target was achieved long back !)

Now looks like the stock has completed a countertrend move on the upside and is ready to fall again.

I can see that it faced a strong rejection at 50% retracement of the previous downfall and formed a Bearish Engulfing candle today.

We may witness further fall if the stock goes and sustains below ~ 870 levels.

Good shorting opportunity here with a stop loss of around 910 for a target around 800 levels.

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