Escorts moving a narrow range since 3 months.
There are trapped buyers who entered after 1900 level breakout, but the breakout failed which was much expected as stock had already rallied continuously since 1200 levels.
In last week stock corrected with market, but the dip was aggressively bought and stock came back in the 1800-1900 band. While doing so it tested the 20 SMA.
As the stock has given a good time correction of 3 months and also sustaining above the 20 SMA, trade can be initiated on long side.
Even the Risk involved is less SL around 1700 levels which is mere 8 % form CMP
Given the previous move since 200 levels the stock can give ferocious move as the stock looks it is in the later stages of the up move.
To conclude Risk reward is extremely favorable!
There are trapped buyers who entered after 1900 level breakout, but the breakout failed which was much expected as stock had already rallied continuously since 1200 levels.
In last week stock corrected with market, but the dip was aggressively bought and stock came back in the 1800-1900 band. While doing so it tested the 20 SMA.
As the stock has given a good time correction of 3 months and also sustaining above the 20 SMA, trade can be initiated on long side.
Even the Risk involved is less SL around 1700 levels which is mere 8 % form CMP
Given the previous move since 200 levels the stock can give ferocious move as the stock looks it is in the later stages of the up move.
To conclude Risk reward is extremely favorable!