Escorts spot CMP 1380 levels.
Elliot wave projection :- Counter is trading around the maturity levels of impulse wave 3. if corrective wave 4 unfolds around this levels price might correct to 38.2 to 50.00% of wave 3.
Chart patterns :- Double top formation
Double top formation is observed on daily time frame ,, pattern breakdown confirms once the nearest support horizontal trend line is broken and sustained. on breakdown price action matters a long,, there should be large bearish bar formation with increase in volume...
Rising contracting wedge formation :- price trading around the resistance line of rising wedge formation,, in past prices have respected this resistance line and fallen from this levels.
RSI indicator :- Price is making higher high where as RSI is making lower high,, bearish divergence.
Good short candidate..
Elliot wave projection :- Counter is trading around the maturity levels of impulse wave 3. if corrective wave 4 unfolds around this levels price might correct to 38.2 to 50.00% of wave 3.
Chart patterns :- Double top formation
Double top formation is observed on daily time frame ,, pattern breakdown confirms once the nearest support horizontal trend line is broken and sustained. on breakdown price action matters a long,, there should be large bearish bar formation with increase in volume...
Rising contracting wedge formation :- price trading around the resistance line of rising wedge formation,, in past prices have respected this resistance line and fallen from this levels.
RSI indicator :- Price is making higher high where as RSI is making lower high,, bearish divergence.
Good short candidate..