682 (the orange line has proven to be a very strong resistance in the past). We closed above this and the overhead resistance at 691 levels in the past, but couldn't sustain it and closed at the orange line today, which held pretty well, signalling that it is a possible support area now.
If we bounce from here and break the overhead resistance then we could be...
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...
Escorts is in the correction phase. Wave 4 near to complete.
Position 1:- At the 38.2% (681-682) retracement (current position) take short with SL of 796 (In case this Fails)
Position 2:- At 50% (725) retracement as shown in the chart with SL of 735.
ESCORTS has a renewed interest in FNO with twice the volumes. However since NIFTY can be sideways, I will be taking ESCORTS in CASH Market NOT FNO.
Buy @ 665.5
Stop-Loss @ 645
Target @ 754
Please consult your financial adviser before investing
This is daily chart of ESCORTS on NSE (INDIA). After substantial fall in price from 1017 to 541, it is showing reversal and could be a good long trade based on following observations:
1. It is reversing after testing key supports which are shown by arrows on the chart. It is a kind of triple bottom.
2. OI built is also observed in futures contract of current...