Escorts - Short Term Long Trade

Escorts on the weekly chart has formed a double bottom support separated on a 2-month gap. For the week ending 12th October 2018, the stock has formed a pin bar on the weekly charts.

The stock's next resistance is placed at 650 levels which is also the daily 20 DMA support.

Considering that the stock has taken quite a beating it is evident that some sort of pull back rally can be witnessed for the stock to visit the 20 DMA resistance before deciding any further trend.

Stock is currently trading at 601 and one can buy with a stop loss of 580 and look for a short term target of 630-650 on the upside.
Trade closed: target reached: High made 642.. call closed


Nice Analysis... Bang on Target 👍
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