Sahil624

Descending triangle spotted - Escorts

NSE:ESCORTS   ESCORTS
Escorts is trading below strong support of 545. It's 200 EMA is also around 545. Formed a small range just below support, which has now become resistance for it. Buyers are active in this region as the delivery percentage is quite high. Deliverable quantity is above average.
Descending triangle is usually a continuous pattern. If it breaks triangle's baseline (514-513) then be ready for good fall (100 points fall is expected in that case). However, if it shows up move, buy above 550 for targets of 580 and 640
Comment: Short term range below support broken. Keep an eagle eye. Wait for confirmation and short
Trade active: It is ready!
Comment: Target 1: 490
Bigger target: 420
Comment: First target of 490 achieved
Comment: Low of 486.60 registered
Comment: Seems like it has taken support
Comment: Good volume too
Trade closed: target reached
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