Escorts has been in a consolidation after a mini-breakout. The volume signature is interesting with a spike on breakout and a dry up during the recent consolidation. A fresh breakout above 686 will be a sign of strength. The vertical count target for the stock based on Point & Figure chart works out to 800. Am looking for long opportunities on a break out above...
This stock has outperformed the Nifty 50 index in the past few weeks. The chart pattern in the stock is bullish too. Am watching this one with interest. I will be a buyer if the stock breaks out and closes above Rs.1,242. I will be inclined to abandon bullish thoughts on a close below Rs.1135.
Let's see what we have in store !
I had shared my thoughts on this stock a few weeks ago. Here is the previous post.
Subsequent to the above post, the price did a retest of the breakout area and has displayed constructive price action today. Am already long in this stock and would add more on continuation buy signal in the Point & Figure charts.
