ESCORTS monthly chart indicates that the price has gone out of the upper Bollinger Band. When a reversal candle is formed and the price comes back into the band, usually, it retracts to the midline (which is at 1390 levels). This is called a BB trap. A reversal candle can also be seen and the price has also come back into the band. RSI is at overbought levels.
Another thing of interest is that, on a daily time frame, there is a BB squeeze which usually results in an explosion of price on either side.
Let's see how this plays out.
DISCLAIMER: This idea is published for educational purposes only. This is not a recommendation to trade. Kindly take any trade after doing your own research and on your own responsibility.
Another thing of interest is that, on a daily time frame, there is a BB squeeze which usually results in an explosion of price on either side.
Let's see how this plays out.
DISCLAIMER: This idea is published for educational purposes only. This is not a recommendation to trade. Kindly take any trade after doing your own research and on your own responsibility.