Escorts : and we are in bull market :-)
Escorts has formed bullish engulfing pattern on daily chart. CCI has crossed above -100 line. 540 has been a major support zone from where it has bounced twice.
If you go for bigger picture then you will find Head & shoulder pattern + descending triangle pattern. Both are bearish in nature. Confirmation will be on weekly and monthly close below 540 ( safety margin -3 % from 540) . If closes below 540 then target will be 130 (vertical height of head) and stop loss will be 650 on weekly closing basis.
What now ?
Buy on daily close above 570 with stop loss below 540 for target 650.
If you go for bigger picture then you will find Head & shoulder pattern + descending triangle pattern. Both are bearish in nature. Confirmation will be on weekly and monthly close below 540 ( safety margin -3 % from 540) . If closes below 540 then target will be 130 (vertical height of head) and stop loss will be 650 on weekly closing basis.
What now ?
Buy on daily close above 570 with stop loss below 540 for target 650.
Order cancelled:
Nothing of that sort has happened in the whole week. We'll come out with fresh perspective on counter.