stop loss 545
can come back to test 520-530 , then short .
if breach 490 can slide towards
1st target 412
2nd target 388
Disclaimer: All posts/views are for educational purpose only..!!
Kindly contact financial advisor before taking position/decision.
Escorts is trading below strong support of 545. It's 200 EMA is also around 545. Formed a small range just below support, which has now become resistance for it. Buyers are active in this region as the delivery percentage is quite high. Deliverable quantity is above average.
Descending triangle is usually a continuous pattern. If it breaks triangle's baseline...
As per 5 Year chart view, Escorts is in downtrend for past 1 year. I expect Escorts will continue its downtrend for long. I have mentioned resistance line in chart and Target 1 will be @ 500 zone. Once it Break next target 2 will be announced soon.
ESCORTS can be Shorted below 547.
Entry = 547
tgt1 = 543
tgt2 = 538
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Selling activities is over on stock.
Major move longer than manor move.
An excess detected at Value Low with buyers.
Suppose to price rotation and, price move 562 above will give you solid SPIKE as target nearby 607 and target 638 nearby.
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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...